DALLAS--Carey Watermark Investors Inc. has acquired Le Meridien Dallas, The Stoneleigh, the historic 176-room hotel located in Uptown Dallas. The seller is Norwalk-CT-based HEI Hotels & Resorts.
"Not only were we able to add market diversity and a solid long-term cash flow generating asset to our portfolio, the acquisition allowed us to invest in one of the most attractive locations in one of the fastest-growing markets in the country," Michael Medzigian, Carey Watermark Investors CEO, told GlobeSt.com. "As such, the opportunity married our overall portfolio objectives with our desire to position ourselves in the Dallas market with the acquisition of a high-quality well-positioned property."
The hotel, built in 1923, underwent an extensive $36-million renovation in 2008, and it is on the National Register of Historic Places.
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.
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