NexPoint Advisors 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 , 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.
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