DALLAS, Aug. 14, 2019 /PRNewswire/ -- NexPoint Advisors, an alternative investment adviser and affiliate of Dallas-based asset management firm Highland Capital Management, announced today its plans to establish an InterContinental® Hotels & Resorts branded luxury property within Cityplace Tower, a 42-story office building in Uptown, Dallas. NexPoint, which acquired the building in August 2018, selected IHG® (InterContinental Hotels Group) as the hotel operator, establishing a long-term agreement to manage a full-service, five-star hotel within the iconic building.
The announcement marks the beginning of NexPoint's redevelopment of Cityplace Tower and the surrounding acreage.
"We see Cityplace as an opportunity to contribute to the Uptown area," said James Dondero, Highland Capital Management co-founder and president. "Selecting the right hotel operator was a top priority, and we are excited to partner with IHG®."
The 223-key hotel will occupy eight of the building's 42 floors and will contain a restaurant, full bar, and lounge. Plans for the restaurant include a fourth-floor terrace overlooking Uptown and Downtown Dallas. Additional hotel features include an outdoor pool, fitness center, business center, Club InterContinental Lounge, and onsite parking. The hotel is expected to open in early 2022.
"We are extremely pleased to be partnering with Highland Capital to bring the InterContinental brand back to Dallas, and offer world-renowned luxury service to business and leisure travelers," said Joel Eisemann, chief development officer, the Americas, IHG. "With its iconic design and sweeping panoramic views of the Dallas skyline, and premiere Uptown neighborhood location, the Cityplace Tower is a natural fit for an InterContinental hotel. This project will be a tremendous addition to our luxury portfolio in the Americas."
InterContinental Hotels & Resorts is the largest luxury hotel brand in the world. With more than 200 InterContinental hotels open worldwide and another 60 in the global development pipeline, IHG continues to expand the brand's portfolio in the most sought-after destinations around the world.
The hotel is among a series of upgrades included in the first phase of NexPoint's renovation plans for Cityplace Tower.
"The hotel not only addresses hospitality demand in Dallas, but also provides valuable amenities to building tenants," said Matt McGraner, head of NexPoint's real estate platform. "In all our plans for Cityplace, our focus is on optimizing the functionality of the building, elevating the experiences of all visitors and tenants, and advancing the surrounding area."
Other projects include improvements to the building's vehicle entrance/exit off North Central Expressway and the expansion of the surface parking area to accommodate office visitors and retail customers. NexPoint also plans to establish a porte-cochere for valet operations and to provide a space for drop-off/pick-up activities. In addition to access-related improvements, NexPoint will enhance the shared spaces and amenities for tenants; plans include renovations of the lobby, the introduction of concourse-level food and retail offerings, and the construction of a new fitness center.
"Cityplace offers a great location and a great value," said Grant Sumner, principal at Avison Young, which serves as the leasing agent for the building. "Introducing these first-class amenities to the building—from a five-star hotel to enhanced common spaces—provides another major draw for prospective tenants and brings the current tenant experience to a new level."
Cityplace Tower is managed by NexBank Realty Advisors, which will oversee the renovations. Avison Young represents the building as its leasing agent.
About Cityplace Tower
Cityplace Tower is a 42-story, Class A office building in Uptown, Dallas. The 1.35 million-square-foot tower is located at 2711 North Haskell Avenue, next to the popular West Village retail venue. Its location offers proximity to downtown, as well as to many urban and residential Dallas neighborhoods. Situated on 8.69 acres, the property includes 3,300 parking spaces and is connected to the Dallas Area Rapid Transit (DART) light rail network at Cityplace Station. Highland Capital Management acquired Cityplace Tower in 2018 with plans to upgrade the building and surrounding area. Cityplace Tower is managed by Highland affiliate NexBank Realty Advisors. Avison Young serves as the building's leasing agent.
NexPoint is a leading alternative investment platform. The NexPoint platform is comprised investment advisers NexPoint Advisors, L.P. and NexPoint Real Estate Advisors, L.P., a member Finra/SIPC broker dealer, NexPoint Securities, Inc., and a suite of related investment vehicles. The platform provides differentiated access to alternatives through a range of investment offerings, including publicly traded real estate investment trusts (REITs), Regulation D private placements, 1031 exchanges, closed-end funds, interval funds, and a business development company (BDC). Based in Dallas, Texas, NexPoint is affiliated with Highland Capital Management, L.P., a multibillion-dollar integrated alternative asset manager.
IHG franchises, leases, manages or owns more than 5,700 hotels and nearly 856,000 guest rooms in more than 100 countries, with over 1,900 hotels in its development pipeline. IHG also manages IHG® Rewards Club, our global loyalty programme, which has more than 100 million enrolled members.
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales. More than 400,000 people work across IHG's hotels and corporate offices globally.
The InterContinental® Hotels & Resorts brand makes travel alluring, with insights from over 70 years of experience. Each of our properties provides a gateway to the glamour of the InterContinental Life. As a brand, we aim to embody global sophistication through our superior, understated service and exceptional amenities. What makes us truly different is the genuine interest we show our guests through personalised and attentive services. We offer our most valued guests signature VIP services through a dedicated InterContinental® Ambassador programme and an exclusive Club InterContinental® experience. We connect our well-travelled guests to what's special about a destination, so they enjoy authentic local experiences that will enrich their lives. For more information and to book, visit www.intercontinental.com and connect with us on Facebook and Instagram.
About Avison Young
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises approximately 5,000 real estate professionals in 120 offices in 20 countries. The firm's experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.