Property Offering: Fee-simple interest in the institutionally owned and third party managed 153-room Hyatt Place Dallas - Garland - Richardson in Garland, Texas. (‘Hotel’ or ‘Property’). The subject select-service Property also features approximately 13,000 square feet of flexible banquet/conference/meeting space, an industrial-grade kitchen, and an additional 2,000 square feet of outdoor special events space including a gazebo. The Property offers one of the largest event spaces in the Garland/Richardson area, which is a huge value add and a revenue-generating component of this Hotel.
Highly Visible with Easy Accessibility: The Property is conveniently accessible off President George Bush Highway and nearby prominent neighboring suburbs including Richardson and Plano, two of Dallas-Fort Worth’s largest suburbs by population.
Steel Frame Construction with City Tax Incentives: The building, completed in 2009, sits on 6.35 acres and is constructed with a steel and concrete frame with masonry exterior on a reinforced concrete slab foundation. The Hotel receives a portion of the city occupancy tax rebate from the city of Garland each year through 2029.
Local Demand Generators: The Hotel is in close proximity to local Garland area demand generators including Firewheel Town Center (2.2 miles), Gilbreath-Reed Career and Technical Center (0.3 miles), Hawaiian Falls Garland (1.3 miles), and Lake Ray Hubbard (11.8 miles). The Property is also located approximately five miles from headquarters and/or regional offices for State Farm Insurance, Raytheon Technologies, Geico, and Blue Cross Blue Shield of Texas. Richardson’s Telecom Corridor is located about seven miles from the Hotel.
Curtis Culwell Center: Located directly across Naaman Forest Boulevard from the Hotel, the $31.5 million Curtis Culwell Center hosts sporting events, concerts, conferences, trade shows, and graduations across the 190,000 square feet of space and the 6,860-seat arena.
Dallas - Fort Worth Metropolitan Statistical Area: The Property is located within the highly sought-after Dallas-Fort Worth Metropolitan Area, which records over 7.6M residents, making the Metroplex the most populous in Texas and 4th largest in the United States.
Premier Hyatt-Branded Asset: The Hotel maintains brand affiliation with Hyatt Hotels Corporation and benefits from one of the most recognized guest loyalty programs in the lodging industry.
Unencumbered Offering: The Hotel is offered unencumbered by debt and management with the ability to retain the Hyatt Place brand.
Property Description: The 153-room, six-story Hyatt Place Dallas - Garland - Richardson is positioned off the President George Bush Highway near N Garland Avenue. This upscale select-service Hotel features an outdoor pool, a fitness center, a business center, 15,000 square feet of flexible conference/meeting space and outdoor event space, an on-site restaurant and bar which serves Starbucks coffees, beers, wine, and cocktails, with 24-hour dining options, and a Grab ‘n Go case. Spacious guest rooms offer a swiveling 42” flat-screen television, a mini-fridge, a separate sitting area with sofa-sleeper, a workspace and standing showers in all King rooms.
Location Overview:
The $31.5 million, 6,860-seat arena and conference center, the Curtis Culwell Center, opened in 2005. The Center boasts over 190,000 square feet of space and welcomes over 400 events of all kinds including graduations, sports events, concerts, national tournaments, trade shows, conferences, and more each year. Located directly across Naaman Forest Boulevard from the Hotel, the Center hosts events such as Japan Pro-Wrestling, Fall StringFest, Moto Xtreme Circus, and the UIL State Volleyball Tournament.
The Methodist Richardson Medical Center, located 3.5 miles from the Property, is a 209-bed, all private rooms, four-story medical center located within a 10-minute drive for over 200,000 residents. The center employs more than 400 physicians across 35 specialties, nine fully integrated and technologically advanced operation rooms, and an adjacent cancer center with leading-edge diagnostic and treatment technologies.
The Granville Arts Center is located in downtown Garland, 4.3 miles from the Hotel, and boasts two luxurious theaters along with a concession area, dressing rooms, a large rehearsal hall, meeting rooms, two green rooms, and two scene shops. The Center is located along the Blue DART Line and is anchored by the 350-seat landmark Plaza Theater. The center also features the 720-seat Brownlee Auditorium with state-of-the-art sound and lighting equipment, and the small proscenium theater has intimate seating for 200. The Center hosts concerts, fundraisers, seminars, fashion shows, receptions, and stage productions.
