A joint venture between Partners Group and funds managed by Trinity Fund Advisors announced Tuesday the acquisition of the luxury 431-room Four Seasons Resort Dallas at Las Colinas in Irving, Texas, for an undisclosed price.
After the acquisition, Partners Group — a global private markets firm — and Trinity Fund Avisors, an affiliate of Trinity Real Estate Investments, have plans to "undertake a multimillion-dollar capital improvement plan that will establish the property as the premier group and leisure destination in the Dallas Metroplex," according to a news release announcing the deal.
The Four Seasons hotel was last sold in October 2018 for $235 million, equating to $545,244 per key, according to CoStar data. The current owner is listed as Extell Development Company.
This property is the only luxury golf resort in the Dallas Metroplex, the release states, with amenities such as 90,000 square feet of meeting and event space, several dining venues and a 14,000-square-foot spa.
Jason Longo, member of management, Private Real Estate at Partners Group, said in the release that the strong local economy, employment rates and population growth in the Dallas Metroplex drove the appetite for this investment.
“The area is becoming an important regional business hub and this premier resort is ideally positioned to benefit from rising corporate demand for venue space and increasing visitor numbers to the area. We look forward to working with Trinity on our value creation plan for the property,” he said.
"We are pleased to acquire this high-quality asset at an attractive basis and look forward to leveraging our operational expertise to maximize its value," added Sean Hehir, managing partner, president and CEO of Trinity.