A recently redeveloped hotel tower in Dallas’ Design District has been purchased by a local investor.
The Tru by Hilton Hotel on Stemmons Freeway is across from the Infomart and was originally built in 1965 as a bank.
For many years, the nine-story building occupied the construction operations of Feizy Import & Export Co. In 2018, Magnolia Hospitality Group acquired the 89,000 square foot office building to convert it into a Hilton brand hotel. with 152 rooms.
Now Roanoke-based Napali Capital has bought the hotel, which opened earlier this year.
âWe couldn’t be more excited to expand Napali’s presence in the Dallas market and with an irreplaceable asset and simply offering the best views in the city,â said Napali co-founder and managing partner. Capital, Tim Black. “We look forward to providing the best customer service and an incredible benefit to our investors – and this is our ultimate goal.”
The new owners plan to spend more than $ 400,000 to upgrade features of the hotel’s rooftop terrace, which offers downtown views. Aimbridge Hospitality will operate the hotel.
Napali Capital now owns 15 hotel, multi-family and industrial properties in multiple markets. The company was founded in 2016 by brothers Tim and Thomas Black. Tim Black was previously COO at Great Wolf Resorts. Napali represents more than 1,000 investors in 43 states and currently manages $ 500 million in assets.