Partners Group scored a major refi deal for its Ritz-Carlton hotel in the Dallas-Fort Worth suburb of Las Colinas.
The Swiss-based private equity firm secured a $210 million loan for the Ritz-Carlton, Las Colinas, according to a news release from JLL. The borrower is a joint venture between Partners Group and funds managed by Honolulu-based Trinity Investments. New York-based credit manager Marathon Asset Management will provide the financing.
JLL’s Kevin Davis, Mark Fisher, De’On Collins and Caleigh O’Connell led the team that arranged the deal.
The Ritz-Carlton is a 427-key hotel that sits on 17 acres. The property features 80,000 square feet of meeting space, five food and beverage options, a pool, a spa and access to an 18-hole golf course.
The property is located at 4150 North MacArthur Boulevard in Irving, about 14 miles from downtown Dallas. It’s less than 10 miles from DFW International Airport.
The hotel opened in 1986 as the Four Seasons Resort and Club Dallas at Las Colinas but was rebranded in January after a $55 million renovation. The joint venture bought the hotel in May 2022 and started renovating it a year later.
JLL’s Davis called the property a “top three” hotel in the metroplex.
This is Dallas-Fort Worth’s second Ritz-Carlton property. The other one opened in 2007 and is located at 2121 McKinney Avenue in Uptown Dallas. It’s the city’s only five-star hotel, per Forbes Travel Guide. It’s one of two five-star hotels in the state, the other being Post Oak Hotel in Houston.
The Uptown hotel also features a 23-story condo tower with 95 residences on Pearl Street. The available condos are priced between $1.2 and $3.6 million.
Since the Federal Reserve reduced interest rates earlier this month, commercial real estate operators are hopeful that refinancing deals like this one will be easier to come by.
Read more
Commercial foreclosures skyrocket in Texas
Why IHG is flooding Texas’ hotel market with development this year
Hoque, Ablon buy Dallas’ tallest tower with hotel conversion plans
