A new Dallas-based investment fund that plans to acquire up to $250 million in properties has already made its first purchase.

Woodbine Development Corp. has set up the company to purchase hotels in markets across the country.

Called Woodbine Legacy Investments, it recently acquired the 224-room Hilton Dallas Park Cities hotel located near Northwest Highway and the Dallas North Tollway.

The Dallas hotel is just the first of a series of acquisitions the new fund plans to make.

“With this fund, we are leveraging the relationships that Woodbine has developed over 45 years and sourcing unique opportunities in high-barrier-to-entry markets where we feel confident about the long-term cash-flow potential,” Dupree Scovell, Woodbine managing partner and chief investment officer, said in a statement. “Woodbine Legacy Investments provides both funding and flexibility, giving us the ability to apply the best and most prudent strategies for success across diverse markets and market cycles.”

Woodbine has a long track record in the hotel business.

The company – a unit of Dallas-based Hunt Consolidated – built downtown’s Hyatt Regency Dallas at Reunion in 1978. The company operates more than 1,500 hotel rooms in the Dallas-Fort Worth area.

And Woodbine has been a player in hotel projects in Texas, Arizona, California, Oregon and Louisiana.

Starting out with an $85 million equity stake, the new Woodbine Legacy Investments plans to buy full-service and upscale hotels in select markets.

The 11-story Hilton Dallas Park Cities on Luther Lane was built in 1999 and was recently remodeled.

The Preston Center property includes an upscale restaurant, fitness center, pool and 10,259 square feet of meeting space.

It was sold by a Virginia-based real estate investment trust. Terms of the sale were not disclosed.

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