DFW Hyatt Regency International Airport has been sold into the largest hotel deal in North Texas since the start of the COVID-19 pandemic.
The 811-room hotel, which dates back to the 1980s, is located adjacent to Terminal C at DFW Airport.
It was originally a venture of Woodbine Development in Dallas, which sold the massive hotelier in 2014. Now, Woodbine has repurchased the Hyatt in a deal negotiated by commercial real estate company Hodges Ward Elliott.
“The Hyatt Regency is an integral part of DFW Airport’s economic engine,” John Burrett of Hodges Ward Elliott said in a statement. “The property has witnessed first-hand the significant acceleration of the travel market recovery already underway.
“The Hodges Ward Elliott team was very fortunate to find the perfect buyer for this unique property, and we are thrilled to arrange the sale of this highly visible asset.”
The Hyatt Regency features 92,000 square feet of meeting space and four food and beverage outlets.
Burritt of Hodges, Ward Elliott, Austin Brooks, and David Oyer brokered the sale through a New York-based investment partnership. Terms of sale were not disclosed.
The DFW Airport Hyatt originally had 1,369 rooms in two towers. In 2001, the airport demolished the west side tower to make way for the construction of its new international terminal.
Woodbine Development expanded and developed the hotel’s east tower beginning in 2005.
Scoville said upgrades are scheduled to the grand hotel.
“We will initially spend about $3.5 million to improve assets,” he said. “Ideally, we could work with the airport to improve the garage and connection to the terminal.”
Hotel sales stalled last year with the onset of the pandemic, but property purchases have surged in recent months.
More than a dozen North Texas hotels developed by Grapevine-based NewcrestImage were recently sold to Austin real estate investment trust, Summit Hotel Properties.