Monday, March 23, 2015

Dallas’ landmark Ambassador Hotel sells for redevelopment

The Ambassador Hotel is one of Dallas' oldest hotel buildings. (Steve Brown)
The Ambassador Hotel is one of Dallas’ oldest hotel buildings. (Steve Brown)
Developers have purchased a century-old Dallas hotel with plans to restore the property.
The landmark Ambassador Hotel is located just south of downtown Dallas and is one of the city’s oldest surviving residential hotels.
A partnership led by developer Jim Lake Jr. bought the 6-story building located on South Ervay Street across from downtown.
The hotel is next door to Dallas Heritage Village Park and is in an area that is seeing redevelopment.
The Ambassador opened in 1905 as the Majestic Hotel. The building was once considered Dallas’ most luxurious residential property, and was touted as the city’s “first suburban luxury hotel.”
And in the late 1930s the brick and stone building was given a covering of stucco and renamed the Ambassador Hotel.
The building continued to operate until the 1950s, when it fell on hard times.
It was purchased in 1955 by Dallas real estate investor Col. C.R. Tips who converted it to a retirement home. It continued to operate as a seniors apartment building through the late 1970s.
The Ambassador has been owned for 20 years by a Christian organization, Institute in Basic Life Principles, which sold the property to Ambassador Hotel Partners L.P.
Developer Jim Lake is also converting the 86-year-old Jefferson Tower in Oak Cliff into a mixed-use project. Lake is also renovating historic buildings in downtown Waxahachie.
And Lake is a major property owner in Dallas’ Trinity Industrial District an in the Dallas Design District.
Venture Commercial brokers Christopher Gibbons and Scott Lake brokered the sale of the Ambassador.
Steve Brown, The Dallas Morning News