A hotel company with two projects in the works in the Dallas area is selling to Hyatt Hotel Corp. in a deal valued at $300 million.
Hyatt has reached an agreement to purchase New York-based Dream Hotel Group, which operates a dozen properties in the Americas, Asia and Europe.
Dream Hotel is also planning 24 more hotels, including the two in North Texas.
Dream Hotel announced plans earlier this year for a 200-room hotel that would be the first phase of a Frisco mixed-use development.
The hotel would be in the 230-acre Firefly Park planned at the southwest corner of the Dallas North Tollway and U.S. Highway 380.
Construction of the Frisco hotel was scheduled to start in 2023. The hotel is north of the PGA of Americas’ new headquarters and the Dallas Cowboys headquarters at the Star in Frisco.
“With what’s going on with Jerry Jones and the Cowboys facility and the PGA, we were already comfortable with why Frisco would be a good location,” Dream Hotel Group CEO Jay Stein said about the Frisco site.
Dream Hotels has also been planning a hotel on a site on McKinney Avenue in Dallas’ Uptown district for several years.
Dream Hotels are now open in the U.S. in New York, Nashville, Hollywood and Miami.
The company has been designing new hotels in Memphis, San Antonio, Atlanta, Cleveland and Oklahoma City, plus several locations in Mexico.
Hyatt said its purchase of Dream Hotel will immediately add more than 1,700 rooms to its portfolio and increase the company’s room count in New York City by more than 30%.
“Hyatt has a proven track record of preserving what makes lifestyle hotels special and is the ideal new home for our growing Dream Hotel Group brands,” Sant Singh Chatwal, chairman and founder of the Dream Hotel Group, said in a statement. “As an owner of Dream Hotel Group properties, I look forward to the next part of our journey and am confident there is a bright future ahead for our hotels, owners, guests and team members as part of the Hyatt family.”
