Investors are focusing on hotel properties near Dallas’ two main airports, with new projects and acquisitions totaling $49 million, according to a Mar. 24 report.
The trend reflects ongoing interest in hospitality assets located close to major transportation hubs, which serve both business and leisure travelers.
Irving Mahadev, an entity associated with the Patel family of North Texas hoteliers, has filed plans to replace the Comfort Inn by DFW International Airport with a new Hilton-brand hotel. The Texas Department of Licensing and Regulation shows that Irving Mahadev intends to spend $19 million on building a LivSmart Studios by Hilton at 5000 West John Carpenter Freeway in Irving. LivSmart Studios are described as extended-stay “aparthotels” featuring rooms equipped with kitchens. The filing is preliminary and does not specify the number of rooms planned for the project. Magnolia Hospitality Group, led by Mukund Patel and his son Mehul Patel, did not immediately respond to requests for comment.
In another transaction near Dallas Love Field Airport, RLJ Lodging Trust sold the Embassy Suites by Hilton at 3880 West Northwest Highway. Austin-based private equity firm Scenic Capital Advisors purchased the eight-story property, which includes 248 rooms designed for both extended-stay guests and regular travelers. Public records indicate that Scenic Capital Advisors secured a $30 million loan from American National Insurance Company for this acquisition. Hunter Advisors brokered the deal.
According to a press release from Scenic Capital Advisors, this marks their seventh hotel acquisition in Texas over the past four years.
Dallas-Fort Worth International Airport (DFW) and Love Field remain the only commercial airports serving Dallas directly. Meanwhile, McKinney National Airport north of Dallas recently announced plans for a commercial passenger terminal—a move expected to spur further development activity nearby.
