NEW YORK—Carey Watermark Investors Incorporated (CWI 1) has acquired Le Méridien Dallas, The Stoneleigh. The historic hotel includes 176 guestrooms and is located in the Uptown Dallas district.
Originally built in 1923, Le Méridien Dallas, The Stoneleigh is a 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.
The 176-room property features 8,900 sq. ft. of meeting and event space; a full-service, American-style three-meal restaurant; a lobby bar/lounge; an outpool and event space; and fitness and business centers.
“The acquisition of Le Meridien Dallas, The Stoneleigh represented the opportunity to secure a fully renovated, iconic asset in one of the most attractive locations in the Dallas Metroplex, a region where economic growth is amongst the strongest in the nation,” said Michael Medzigian, CEO of CWI 1. “As a top-ranking property in Dallas, we expect the hotel to continue to benefit from the strength of the local economy, as well as the diverse corporate and leisure attractions in the area. Although Dallas-Fort Worth is already the fourth largest metro area in the country, it continues to diversify and grow at a considerable pace and we are very excited about its continued and long-term growth potential.”
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 in California; Westin Minneapolis; Sheraton Austin at the Capitol in Texas; and the Boca Raton Marriott at Boca Center in Florida for CWI 1.