The Hyatt Regency DFW International Airport has sold in the largest North Texas hotel transaction since the start of the COVID-19 pandemic.
The 811-room hotel, which dates to the 1980s, is next to Terminal C at DFW Airport.
It was originally a project of Dallas’ Woodbine Development, which sold the huge hotel property in 2014. Now Woodbine has bought the Hyatt back in a deal negotiated by commercial property firm Hodges Ward Elliott.
“The Hyatt Regency is an integral part of the DFW Airport economic engine,” Hodges Ward Elliott’s John Bourret said in a statement. “The property has seen firsthand the substantial acceleration in the recovery of the travel market already in motion.
“The Hodges Ward Elliott team was very fortunate to find the ideal buyer for this unique property, and we’re pleased to arrange the sale of this highly visible asset.”
The Hyatt Regency includes 92,000 square feet of meeting space and four food and beverage outlets.
Hodges Ward Elliott’s Bourret, Austin Brooks and David Auer brokered the sale by a New York-based investment partnership. Terms of the sale were not disclosed.
The Hyatt Regency DFW originally had 1,369 guest rooms in two towers. In 2001, the airport demolished the west side tower to make room to build its new international terminal.
Woodbine Development expanded and upgraded the east tower of the hotel starting in 2005.
“We owned this with the Hunt family for nearly 30 years before selling it in 2014 and then reacquired the asset last week,” T. Dupree Scovell, Woodbine’s managing partner and chief investment officer, said in an email.
Scovell said upgrades are planned for the big hotel.
“We will initially spend around $3.5 million to improve the asset,” he said. “Ideally, we can work with the airport to improve the garage and the connection to the terminal.”
Hotel sales ground to a halt last year with the onset of the pandemic, but property purchases have picked up in recent months.
More than a dozen North Texas hotels developed by Grapevine-based NewcrestImage recently sold to an Austin real estate investment trust, Summit Hotel Properties.
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