A newly redeveloped hotel tower in Dallas’ Design District has been purchased by a local investor.
The Tru by Hilton Hotel on Stemmons Freeway is across from the Infomart and was originally built in 1965 as a bank.
For many years, the nine-story building held the building operations of Feizy Import & Export Co. In 2018, Magnolia Hospitality Group acquired the 89,000-square-foot office building to convert it to a 152-room Hilton brand hotel.
Now Roanoke-based Napali Capital has bought the hotel, which opened its doors early this year.
“We couldn’t be more excited to expand the Napali footprint in the Dallas market and with an asset that is irreplaceable and has simply the best views of the city,” Napali Capital co-founder and managing partner Tim Black said in a statement. “We are looking forward to delivering the best guest service and an incredible upside to our investors ― and that is our ultimate goal.”
The new owners plan to spend more than $400,000 to upgrade features of the hotel’s rooftop deck, which has views of downtown. Aimbridge Hospitality will manage the hotel.
Napali Capital now owns 15 hospitality, multifamily and industrial properties in multiple markets. The company was founded in 2016 by brothers Tim and Thomas Black. Tim Black was previously a chief operating officer with Great Wolf Resorts. Napali represents more than 1,000 investors in 43 states and currently has $500 million in assets under management.
