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Stout
Street Hospitality to Open Second Magnolia Hotel in Dallas
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New
Property to Open in Upscale Park Cities Suburb
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Denver,
CO – May 2015 / Newsmaker Alert / Leigh Hitz, president and chief executive
officer for Stout Street
Hospitality, today announced the company is expanding its presence
in Dallas with the opening of the Magnolia Hotel Dallas - Park Cities.
The property will open June 15 in the former Holiday Inn Dallas Central
- Park Cities location. More than $2 million in renovations and expenditures
are planned for the boutique hotel to enhance the design, décor
and overall guest experience to meet Magnolia brand standards.
The
293-room hotel, owned by Dallas-based TriGate Capital, is centrally located
just steps away from the recently opened George W. Bush Presidential Library
with easy access to Southern Methodist University, Mockingbird Station,
North Park Center, Fair Park/Cotton Bowl, the American Airlines Center,
downtown Dallas and more.
“Stout
Street Hospitality has been managing this property for nearly two years
and we saw the level of expertise the company brought to the table,” said
Jon Pettee of TriGate. “We believe transitioning to the Magnolia brand
is going to elevate the property for the local community, as well as for
business and leisure travelers. We believe the Magnolia brand will broaden
the appeal of the hotel for business and social functions in the Park Cities
area.”
In
additional to the transition to the Magnolia
brand, the $2 million renovation is slated to improve the guest arrival
experience with a new water feature that will be a focal point of the hotel.
Guest rooms will receive a refresh with new bedding and soft goods, and
new furniture and décor will be added to common areas throughout
the property. The renovation is the second phase of TriGate’s overall $11
million re-investment in the property. Approximately $9 million was spent
in 2012 and 2013 to completely update the hotel’s rooms, full service restaurant,
lounge, and meeting space. The original capital improvements at the property
received national recognition for its creativity and impact on hotel sales.
“TriGate
has provided us with an amazing property to manage,” said Hitz. “They are
dedicated to offering guests a great product just as we are dedicated to
providing a great guest experience. We know the Dallas market well with
our current location downtown and we look forward to offering our guests
a new option in the vibrant Park Cities area.”
The
new Magnolia property is a convenient option for business travelers with
free wireless Internet, a 24-hour business center and easy access to some
of the area’s largest companies. More than 12,000 square feet of meeting
and event space provides a great option for group, corporate, wedding and
social gatherings. Complimentary shuttle service also is provided to Dallas
Love Field Airport and the surrounding area.
“We
believe the quality of our meeting space will make Magnolia Dallas - Park
Cities a great boutique hotel for business meetings, as well a group and
social functions in the area,” added Hitz.
For
more information on Magnolia Hotel Dallas - Park Cities, please visit www.MagnoliaHotels.com
or call 888-915-1110.
Dallas-based
TriGate
Capital, LLC is a market leading real estate private equity firm focused
on acquiring real estate secured debt, providing capital for asset and
company recapitalizations, and acquiring real estate assets where the potential
to add value exists. The company manages two fully discretionary real estate
funds, TriGate Property Partners, LP (Fund I) and TriGate Property Partners
II, LP (Fund II), which are the vehicles through which TriGate conducts
its investment strategy. Fund I is fully invested and Fund II is presently
in its investment period.
Denver-based
Stout Street Hospitality is a privately held hotel management and development
company, which operates upscale boutique hotels.. The company focuses on
development, management, acquisition, re-branding, new construction, and
conversion of existing independent hotel properties. The core product line
consists of award-winning, independent boutique hotels under the Magnolia
brand that offer a style unlike that of trendy or branded hotels. The company
currently operates Magnolia hotels in Denver, Dallas, Houston, Omaha, Neb.;
St. Louis; and a ski resort, The Winter Park Mountain Lodge, in Winter
Park, Colo. For more information, visit www.StoutStreetHospitality.com.
Media
Contacts:
Mike
Pratt
VP
Sales & Marketing
Stout
Street Hospitality
303-607-1127
Kristin
Yantis
Malen
Yantis Public Relations
for
Stout Street Hospitality
970-949-7919 |