Carey Watermark Investors Acquires Le Meridien Dallas, The Stoneleigh

Carey Watermark Investors Acquires Le Meridien Dallas, The Stoneleigh

Carey Watermark Investors Incorporated (CWI 1) announced that it has acquired Le Meridien Dallas, The Stoneleigh. The historic hotel includes 176 guestrooms and is located in the chic Uptown Dallas district.

Key Facts
* Newly renovated, historic building: Originally built in 1923, Le Meridien Dallas, The Stoneleigh is an iconic, AAA Four Diamond Art Deco hotel that is listed on the National Register of Historic Places. The hotel underwent an extensive $36 million renovation in 2008, which fully repurposed and repositioned the property as an upper-upscale lodging facility. Since 2008, $4.5 million has been spent to further upgrade the property and in early 2016, an additional $4 million renovation is planned for guestroom and corridor updates, the addition of an
outdoor courtyard event space, a pool and other enhancements.

* Strong downtown Dallas lodging market: Dallas is an attractive growth market, evidenced by its 6.4% population growth from 2010 to 2014, which also places it in the top five growth cities in the United States. From 2009 to 2014, the downtown Dallas lodging market achieved an 8.4% compound annual growth rate in RevPAR, significantly above the U.S. average of 6.8% for the same period.

* Attractive location in Uptown Dallas: The hotel benefits from its attractive location in the Uptown Dallas district, directly north of downtown Dallas, offering a diverse mix of office, residential and retail demand drivers. The hotel is within walking distance of numerous dining, nightlife and entertainment options for locals and leisure travelers alike.

* Strong brand affiliation and management: Le Meridien, a Starwood Hotels & Resorts brand, is a global hotel brand with a portfolio of more than 100 luxury and upper-upscale hotels across more than 50 countries worldwide. The hotel will continue to be managed by Merritt Hospitality, an affiliate of HEI Hotels & Resorts, a hospitality owner and operator that owns and manages 48 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the United States. Merritt Hospitality currently manages the Westin Pasadena, Westin Minneapolis, Sheraton Austin at the Capitol and the Boca Raton Marriott at Boca Center for CWI 1.

Property and amenities:
– 176 rooms
– 8,900 square feet of meeting and event space
– Full-service, American-style three-meal restaurant
– Lobby bar/lounge
– Outdoor pool and event space
– Fitness center
– Business center