IRVING, Texas — This article was originally published by our content partners at the Dallas Business Journal. You can read the original article here.
The recently rebranded Ritz-Carlton in Irving has secured a $210 million refinancing deal with a New York City-based investment firm at a time when the campus west of Dallas is poised to grow.
The Ritz-Carlton Dallas, Las Colinas got the new loan from Marathon Asset Management, according to a Sept. 30 announcement from JLL, which helped arrange the deal for the recently renovated property.
JLL’s Kevin Davis, Mark Fisher, De’On Collins and Caleigh O’Connell represented the borrower — a joint venture of Switzerland-based Partners Group and Hawaii-based Trinity Investments that purchased the hotel in 2022.
Further financial terms were not disclosed but Davis said in a statement the refinancing reflects an "enhanced value" as well as "a unique opportunity to support a world-class asset during its growth phase."
Formerly a Four Seasons Resort, the 427-key hotel was transformed in January into a Ritz-Carlton, under the Marriott International brand, after extensive renovations that started in May 2023.
The Ritz-Carlton now boasts revamped rooms, more than 80,000 square feet of meeting space and amenities including new dining venues, a resort-style pool, a spa and lounge and a lap pool. It also features two PGA-certified golf courses. The resort hosted the Byron Nelson PGA tournament for more than 30 years from the 1980s through 2017. Located on 16.7 acres at 4150 North MacArthur Blvd., the hotel is also close to Dallas Fort Worth International Airport.
There already appears to be more development planned for the resort campus. Irving City Council voted in August, after much debate, to rezone land near the hotel that would allow Koa Partners to build a 19-story luxury condo tower.
"Is Irving ready for this? Is Irving ready to compete with Uptown Dallas, with what’s going on in Frisco?” Koa Partners CEO Harry Lake said at a city council meeting. "Can we sustain a luxury high-rise living lifestyle? I say yes."
The Federal Reserve’s recent decision to cut interest rates by half a percentage point is another factor in the financing equation for commercial real estate owners and developers. Some developers have said the decision could help bring lenders back into the market and spur more deals.
This is the second Ritz-Carlton property in DFW, after the 217-room Ritz-Carlton hotel in Uptown Dallas along McKinney Avenue.
