A Florida trader has bought a Southlake resort.
Driftwood Capital acquired the 248-area Hilton Southlake in the Southlake Town Square growth.
Constructed in 2007, the lodge was bought by the Hobbs & Curry family members confined partnership.
The new proprietors approach $5 million in updates to the home.
“The Hilton Southlake presented a higher-top quality asset in a leading place with sufficient upside prospect,” Carlos Rodriguez Sr., CEO of Driftwood Cash, claimed in a statement. “Having just lately received money enhancements throughout the house, the Hilton Southlake has a competitive benefit that is furthered by its extraordinary spot.
“Surrounded by substantial-finish retail, dining and Class A business house, the home is poised for accomplishment next a strategic repositioning that will advantage from the leisure and corporate demand from customers in the region.”
The 5-tale, total-support lodge contains 18,000 sq. ft of conference space. It is an anchor making in the well-known Southlake Town Square blended-use progress.
The resort is shut to big employment centers for Charles Schwab, Fidelity Investments, Deloitte and TD Ameritrade.
The sale marks just one of the handful of this sort of North Texas lodge transactions through the pandemic.
Driftwood Funds purchased the Southlake lodge for its acquisition fund, which targets resort buys in the $30 million to $150 million vary.
Launched in 2015, the Coral Gables, Fla.-based business has 20 resort houses all over the state.
The company’s homes consist of the Marriott Mission Valley in San Diego, Cover by Hilton West Palm Beach and Cover by Hilton in Tempe, Ariz.