Recent transactions include a joint venture between Partners Group and funds managed by Trinity Fund Advisors LLC acquiring the Four Seasons Resort Dallas at Las Colinas and Mumford Company completing the sale of the Red Roof Inn of Temple, TX.
JV acquires Four Seasons Resort Dallas at Las Colinas
A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC, has acquired the Four Seasons Resort Dallas at Las Colinas, a 431-key luxury hotel located in Irving, TX. Following the transaction, Partners Group and Trinity plan to undertake a multimillion-dollar capital improvement plan that will establish the property as the premier group and leisure destination in the Dallas Metroplex, according to the companies.
“We have conviction in the Dallas Metroplex area due to its strong local economy, solid employment rates and population growth,” said Jason Longo, member of management, private real estate, Partners Group. “The area is becoming an important regional business hub and this premier resort is ideally positioned to benefit from rising corporate demand for venue space and increasing visitor numbers to the area. We look forward to working with Trinity on our value creation plan for the property.”
The Four Seasons Resort Dallas at Las Colinas features 90,000 sq. ft. of meeting and event space, multiple food and beverage outlets, a swimming pool and a 14,000-sq.-ft. spa. Guests also have access to the amenities at the adjacent Four Seasons Golf and Sports Club, which includes 12 tennis courts, an indoor swimming pool, a 6,000-sq.-ft. fitness center and the TPC Las Colinas golf course. The capital improvement program calls for the renovation of all guestrooms and villas, reconcepting the hotel’s food and beverage outlets, renovating the meeting space and activating the outdoor pool area.
“This property is a premier resort destination centrally located within one of the fastest-growing markets in the country, which has seen more than 10 consecutive years of record demand and RevPAR growth,” said Sean Hehir, managing partner/president/CEO, Trinity. “We are pleased to acquire this high-quality asset at an attractive basis and look forward to leveraging our operational expertise to maximize its value.”
Mumford Company completes the sale of the Red Roof Inn of Temple, TX
Mumford Company, a full-service hotel advisory firm since 1978, has closed on the Red Roof Inn of Temple, TX. Justin Pinkard, principal in Mumford’s Washington, DC, office, and Ryan Patterson, VP in Mumford’s Dallas office represented the sellers, Jigna Enterprises Inc. The purchaser, Relianse Temple LLC, is an affiliate of a Texas-based owner/operator group.
Mumford Company had previously completed multiple transactions with the purchaser and was pleased once again to work with them on the Red Roof Inn. The purchaser plans on performing extensive renovations as well as adding management strategies at the property to improve operational performance going forward.
Patterson said, “The property was converted to the Red Roof franchise in 2019 and was negatively affected by pandemic demand decline. The Mumford analytical team monitored local market conditions and was able to pinpoint an upside strategy for the subject property. The purchasers concurred on the assessment and moved forward to complete the transaction. We wish them much success with the project.”