Hilton in Southlake Town Square
Hilton Dallas Southlake Town Square is under new ownership. Driftwood Capital acquired the 248-key hotel from Hobbs & Curry Family Limited Partnership for an undisclosed price.
"The Hilton Southlake offered a high-quality asset in a premier location with ample upside opportunity," Carlos Rodriguez Sr., CEO of Driftwood Capital, says in a statement. "Having recently received capital improvements throughout the property, the Hilton Southlake has a competitive advantage that is furthered by its exceptional location. Surrounded by high-end retail, dining and Class A office space, the property is poised for success following a strategic repositioning that will benefit from the leisure and corporate demand in the area."
According to a media release, the hotel will be managed by Driftwood Hospitality Management and Driftwood plans to invest $5 million in property renovations over the next 12 months. The 1400 Plaza Place property will open the property to investors “for syndication in early February with a minimum investment of $50,000,” according to the release.
This property acquisition grows Driftwood Capital's portfolio to 20 full-service hotels and seven new ground-up hotel developments. That portfolio currently includes Marriott Mission Valley San Diego, the Sheraton Park City and the Margaritaville Lake of the Ozarks as well as the newly opened Canopy by Hilton West Palm Beach & Canopy by Hilton Tempe.