Investment Highlights
- Exceptional Location - The Crowne Plaza is well located in Far North Dallas in the northwest quadrant of Interstate 635 and the Dallas North Tollway intersection, providing excellent access to Downtown Dallas (15 miles), The Galleria (2 miles), and the City of Frisco (15 miles). The Hotel benefits from nearly 48 million square feet of office space and 30 million square feet of retail space within a five-mile radius. The submarket is one of Dallas’ primary business districts outside of the CBD due, in part, to its location north of Dallas and south of Plano and Frisco, allowing a convergence of a highly educated workforce to conduct business without having a far commute. In addition, the submarket is home to the Galleria Dallas which sees 19 million visitors annually, and home to three “Class A” office towers.
- Incredible Value-Add Potential - The Hotel features an excellent layout with ample public space which will allow new ownership to maintain the current footprint or provide substantial reconfiguration opportunities to meet their design standards. As a Crowne Plaza, the Property offered a 32,000-square-feet of flexible event space, including two ballrooms and 16 breakout rooms. In addition, the Property had a full-service restaurant and a two-story Atrium lounge located in the main lobby. Renovations coupled with professional, focused, hands-on management, a strong sales and marketing plan, re-opening the F&B outlets, and having a robust revenue management strategy should allow new ownership to create a successfully performing, profitable Hotel.
- Unencumbered by Brand, Management, and Debt - The Hotel is offered unencumbered of brand, management, and debt which allows a new investor maximum flexibility to effectively implement a business plan that aligns with their investment strategy and an operating model that will serve to drive profitability.
- Attractive Discount to Replacement Cost - A new investor will have a remarkable opportunity to acquire the Property at a significant discount to replacement cost. Given the ability to acquire the Property at an extremely attractive basis and allocate more capital toward improvements, a new owner will increase their overall return and profitability for their investors.
Property Tours are available by appointment only on October 3rd-4th and October 10th-11th. Please reach out to Alex Payne, alex.payne@jll.com to schedule.
Property Overview
JLL’s Hotels & Hospitality Group, in conjunction with RealINSIGHT Marketplace, is pleased to offer for sale the fee simple interest in the 428-room former Crowne Plaza Dallas Near Galleria Addison (the “Hotel” or “Property”). The Hotel is situated in the Northwest quadrant of the Dallas North Tollway and I-635 intersection, offering convenient access to the greater Dallas area. The Hotel is within two miles of the Galleria Dallas, that has on average 19 million visitors annually. Given the favorable location, the Hotel offers immediate accessibility to one of the largest office space concentrations outside of the CBD. The Hotel is also within proximity of some of Dallas’ most affluent residential neighborhoods, as well as the Addison Airport, and an expansive culinary scene.
The Hotel sits on a 6.94-acre site, giving new ownership the option to maximize land use to help drive profitability. This offering represents the rare opportunity to acquire a hotel asset unencumbered by brand or management, and significantly below replacement cost in an extremely favorable location within the Dallas Metroplex.
