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Monday, June 19, 2017
Woodbine launches $85M fund, makes inaugural acquisition in Dallas' Park Cities
Dallas-based Woodbine Development Corp. launched a $85 million fund — Woodbine Legacy Investments — that made its first acquisition: The Hilton Dallas Park Cities hotel.
The 11-story, 224-room hotel at 5954 Luther Lane in Preston Center was acquired in an off-market deal for an undisclosed sum. The deal came after a long-standing relationship between Hilton and Woodbine.
With the $85 million fund, which will have the buying power of $250 million, Woodbine Legacy Investments plans to pursue low-risk, conservatively leveraged, full-service and upscale select-service hotels in high, barrier-to-entry markets.
Woodbine's leadership team will manage the fund with the intent to own the acquired properties in a long-term hold.
"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," said Dupree Scovell, managing partner and chief investment officer for Woodbine and WLI, in a statement.
Woodbine has been under the direction of Dupree Scovell's father John Scovell, who is the chairman and founder of the real estate firm.