Dallas-based real estate investment firm TriGate Capital – which is seemingly in sale mode in North Texas – has sold a Dallas boutique hotel to an affiliate of Chicago-based DRW Real Estate Investments.
Terms of the acquisition were undisclosed.
TriGate Capital sold Magnolia Dallas Park Cities, a 292-room hotel at 6070 North Central Expressway, to 6070 NCX LLC, which is a privately-held real estate subsidiary of DRW Real Estate Investments.
The deal comes on the heels of TriGate finishing a $10.1 million renovation of the hotel, which was originally constructed in 1972. The two-year renovation upgraded the amenities of the hotel, which include an indoor pool, a fitness center, restaurant and lounge.
TriGate, which has a 90 percent stake in Comerica Bank Tower in downtown Dallas, has invested and upgraded real estate in Dallas, especially in areas that have “ a value proposition when you compare markets like Uptown to downtown Dallas,” said an TriGate executive.
HFF represented TriGate in selling the Magnolia Dallas Park Cities hotel.
TriGate oversees three real estate funds, with two of those funds fully invested and a third presently in its investment period. The details of the fund tied to this deal was not immediately available Tuesday.