|The Crescent Court Hotel is part of Uptown's landmark Crescent complex|
on McKinney Avenue.
Tuesday, July 19, 2016
MetLife funds purchase of Uptown's landmark Crescent Court Hotel
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