Castlelake and Woodbine Complete Acquisition of Hyatt Regency Dfw International Airport
Castlelake, L.P., ("Castlelake") a global alternative investment manager with 16 years of experience investing in asset-rich opportunities, announced it has acquired The Hyatt Regency DFW International Airport with Woodbine Development Corporation ("Woodbine"), a full-service real estate company with more than 40 years of development, investment, acquisition and asset management experience.
The investment combines insight into passenger traffic and airline business plans that Castlelake has acquired over the course of its 16-year history in the aviation sector, with its significant real estate experience. Castlelake has acquired more than 37,000 land or real estate assets in the U.S. and Europe.
Woodbine has considerable experience in successfully managing this property, having owned and operated the Hyatt Regency DFW in partnership with Ray Hunt from 1986 to 2014.
"Hyatt Regency DFW is located in a growth market that strategically increases our exposure to the hospitality sector through a high-quality asset that we believe has been uniquely impacted by the recent travel demand shock," said Evan Carruthers, Managing Partner and Chief Investment Officer at Castlelake. "By combining our deep investment experience with Woodbine's extensive hospitality experience in Dallas-Fort Worth, we believe we can manage the property in a way that delivers value for our investors, guests and the community."
T. Dupree Scovell, Managing Partner and Chief Investment Officer at Woodbine added, "As long-time hotel investors across the region and specifically here at DFW International Airport, we are pleased to have the opportunity to reacquire the Hyatt Regency and partner with Castlelake and DFW International Airport on the transaction. We have long respected Castlelake's approach to real asset investing and are thrilled to work with them on this acquisition."
Located adjacent to DFW International Airport's Terminal C, the 811-room hotel was recently renovated and includes 92,000 square feet of meeting space, four on-site complementary food and beverage outlets, 24-hour airport shuttle service and proximity to nearly 110 million square feet of combined industrial and office space.