Tuesday, July 19, 2016

MetLife funds purchase of Uptown's landmark Crescent Court Hotel

The Crescent Court Hotel is part of Uptown's landmark Crescent complex
on McKinney Avenue.
Metropolitan Life Insurance has upped its investment in Uptown, funding Crescent Real Estate's just-completed purchase of the luxury Crescent Court Hotel.
The purchase of the landmark 220-room hotel has been in the works for months.
The acquisition by Fort Worth-based Crescent Real Estate's newly formed real estate investment fund was completed last week, county deed records show.
Metropolitan -- which is already one of the biggest investors in Dallas' Uptown district -- provided $65 million in loans to Crescent Real Estate's GP Invitation Fund I to buy and upgrade the 30-year-old hotel.
It's the first high-profile local purchase by Crescent's new private property investment fund.
Crescent Real Estate plans to spend almost $30 million upgrading the hotel. The renovations come as most of the almost three-year project to improve the Crescent complex at McKinney Avenue and Pearl Street comes to a close.
Crescent Real Estate unveiled most of the upgrades to the complex in Dallas last week.
Designed by famed architect Philip Johnson, the Crescent Court Hotel includes meeting space, a luxury spa, swimming pool and several restaurants.
HEI Hotels will operate the hotel.
"Hotel Crescent Court is a timeless and iconic asset in the best location in Dallas," Crescent CEO John Goff said in a statement. "I believe this is a very unique opportunity -- one for which I have a personal passion.
"When we complete the upgrades at Hotel Crescent Court, we will offer guests the experiences and amenities of a modern, newly built hotel while maintaining the classic and unique design features associated with this Texas landmark," said Goff.
New York-based MetLife holds the debt on the entire Crescent complex. Last year, it provided $78 million to refinance Crescent Real Estate's 215-room Ritz-Carlton Hotel on McKinney Avenue.
And the big insurance company provided more than $50 million in financing for the 25-story Gables Park 17 apartment tower on Cedar Springs Road.
MetLife is also a partner in the two-tower Park District development that Trammell Crow Co. is building on the north side of Klyde Warren Park.
Written by Steve Brown/Dallas Morning News