The ownership group behind the extensively renovated luxury resort hotel now known as The Ritz-Carlton Dallas, Las Colinas has secured $210 million in refinancing in a move showcasing a top-tier hotel in the nation's fourth-largest metropolitan area landing funds.
A joint venture between Partners Group and Trinity Investments secured the funds for the 427-key resort at 4150 N. MacArthur Blvd. in Irving, Texas, from Marathon Asset Management with the help of JLL's hotels and hospitality group. The hotel, previously known as the Four Seasons Resort and Club Dallas at Las Colinas, was acquired by the joint venture in May 2022, as CoStar News previously reported.
Around $55 million of renovations, including updated rooms and common areas, got underway in March 2023, with the hotel going through its official rebrand at the beginning of 2024. The Ritz-Carlton Dallas, Las Colinas hotel is now positioned as "one of the top three hotels in the Metroplex," said Kevin Davis, the Americas CEO of JLL's hotels and hospitality team, in a statement.
“Its extensive renovation, coupled with its strategic location and robust amenities, positions the resort to capitalize on both business and leisure demand," Davis added. "This refinancing not only reflected the property's enhanced value but also represented a unique opportunity to support a world-class asset during its growth phase.”
Davis led the JLL team in securing the financing on behalf of the joint venture along with Mark Fisher, De’On Collins and Caleigh O’Connell.
Financing options for hotels could expand after the Federal Reserve cut interest rates by a half-percentage-point, even though hospitality properties were already on a roll. Since April, JLL has helped secure financing for three large Texas hotels, including $300 million for the largest hotel in Texas — the Sheraton Dallas in downtown Dallas, as well as the 37-story, 1,048-room Fairmont Austin, the state capital's largest hotel, and another convention center hotel, the 1,000-key Marriott Marquis Houston.
The Ritz-Carlton Dallas hotel sits on 16.7 acres with more than 80,000 square feet of meeting space and amenities that include five upscale food and beverage venues. The property also includes a newly renovated resort-style pool, a spa and lounge, access to an 18-hole golf course with driving range, as well as squash and racquetball courts, indoor and outdoor tennis, a lap pool and a fitness center.
The hotel's new affiliation with Marriott Hotels & Resorts, which has more than 8,000 properties in 139 countries, puts it on a new platform in the North Texas market.
This is the second Ritz-Carlton hotel in the Dallas area, with the longtime Uptown Dallas one along McKinney Avenue, called The Ritz-Carlton, Dallas, remaining in this sought-after business hub. Currently, there is no Four Seasons flag flying in the Dallas area, but developer Carpenter & Co. plans to add a new Four Seasons hotel and residential tower along Turtle Creek Boulevard in Dallas in the coming years.