June 16, 2017
Woodbine Development Corp. has kicked off a new fund—Woodbine Legacy Investments—and acquired its first property, the Hilton Dallas Park Cities, for an undisclosed amount. The $85 million fund will have the buying power of $250 million with the use of leverage and will target full-service and upscale select-service hotels in high barrier-to-entry markets.
“With this fund, we are leveraging the relationships that Woodbine has developed over 45 years and sourcing unique opportunities…” said Dupree Scovell, managing partner and chief investment officer for Woodbine and WLI.
Hilton and Woodbine have a long-standing relationship, and the Hilton Dallas Park Cities checks off all the boxes for the new fund. The 11-story, 224-room hotel is located on nearly an acre in the heart of Preston Center. Built in 2001, it underwent extensive renovations roughly five years ago.
HFF Managing Director John Bourret and Associate Director Austin Brooks brokered the sale.
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