Inland American Lodging Group, Inc. (“IALG”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc. (“Inland American”), announced today that it has acquired The Fairmont Dallas for $69 million, or approximately $127,000/key. The Fairmont Dallas is a 545 guestroom hotel consisting of two towers and 70,000 square feet of meeting space. Opened in 1969 as the “first” luxury hotel in Texas, the property exudes an air of elegance and luxury, combined with a dash of Texas flair.
The Fairmont Dallas offers unparalleled accommodations that have received approximately $50 million of capital improvements since 1997, including $14.9 million ($27,300 per key) over the last four years. Inland American intends to invest in additional capital improvements that will allow the hotel to maintain and improve upon its luxury status.
Following the acquisition of The Fairmont Dallas, Inland American Real Estate Trust has whole or partial ownership interest in 16,628 hotel rooms across the U.S., including 16 full service hotels.
A former Railroad and later insurance office building will become a Homewood Suites Hotel. Build for the Texas and Pacific Railroad, the building at 1025 Elm Street has been purchased by Irving-based Lowen Hospitality Management. We're wondering if the facade, modernized by the United Fidelity Life Insurance Company in the 1959 will be restored to its 1918 appearance.
