Joint Venture Will Convert Four Seasons Dallas to The Ritz-Carlton Las Colinas Managed by The Ritz-Carlton
A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC (“Trinity”), today announced that it has signed a management agreement with Marriott International, Inc. (“Marriott International”), to expand The Ritz-Carlton brand in the Dallas Metroplex in 2024. Earlier this year, the joint venture acquired the Four Seasons Resort Dallas at Las Colinas, a 431-room luxury hotel located in Irving, Texas. It intends to undertake a multi-million-dollar capital improvement plan that will convert the property to The Ritz-Carlton brand, part of Marriott International, and establish it as the premier meetings and leisure travel destination in the Dallas Metroplex.
Beginning December 15, 2022, Marriott International will assume management of the resort, which will become The Las Colinas Resort, Dallas. Upon the completion of a planned $55 million property-wide transformation, the property will become The Ritz-Carlton Dallas, Las Colinas. The capital improvement program calls for renovating all guestrooms and villas, re-concepting the hotel’s food and beverage outlets, renovating 90,000 square feet of meeting and event space, activating the outdoor pool area, and refreshing the 14,000 square foot spa to elevate the property’s best-in-class amenity set to amongst the top luxury resorts in the country. Completion of the renovation is targeted for 2024.
“We are excited to expand The Ritz-Carlton brand in the Dallas Metroplex,” said Greg Dickhens, a Managing Partner of Trinity. “Through our agreement with Marriott International, we will be able to offer the Dallas Metroplex a destination experience suited to the demands of today’s sophisticated travelers across both the meetings and leisure segments. This is another example of how we are able to leverage our asset management expertise and industry relationships to create meaningful value for our investors and guests.”
Resort guests will continue to have access to and enjoy the amenities at the adjacent Golf and Sports Club, which includes 12 tennis courts, an indoor swimming pool, a 6,000-square-foot fitness center, and the TPC Las Colinas golf course.
The Dallas Metroplex is one of the most dynamic and fastest-growing markets in the United States, experiencing significant growth through the COVID-19 pandemic. The City of Irving is a thriving epicenter for business and entertainment in the region, offering attractive residential communities within a desirable suburban setting. The heart of the city is the upscale, 12,000-acre Las Colinas master-planned community, characterized by prominent office towers, retail centers, and residential communities. With nearly 41 million square feet of office space, Las Colinas is home to more than 2,000 companies and 400 corporate headquarters, including Irving’s prestigious Fortune 500 and 1000 companies, which include McKesson, Fluor, Kimberly-Clark, Pioneer Natural Resources, Vistra Corp., and Celanese. Due to its highly diversified economy and the rapid expansion of the financial services and technology sectors, the Dallas Metroplex is poised to continue its growth trajectory and recover more quickly than most major markets across the United States over the next several years.