Partners Group and Trinity Investments Acquire Four Seasons Resort Dallas at Las Colinas
A joint venture between Partners Group, a leading global private markets firm, acting on behalf of its clients, and funds managed by Trinity Fund Advisors LLC, an affiliate of Trinity Real Estate Investments LLC ("Trinity"), announced the acquisition of the Four Seasons Resort Dallas at Las Colinas, a 431-key luxury hotel located in Irving, Texas. Following the transaction, Partners Group and Trinity plan to undertake a multi-million-dollar capital improvement plan that will establish the property as the premier group and leisure destination in the Dallas Metroplex.
"We have conviction in the Dallas Metroplex area due to its strong local economy, solid employment rates, and population growth," said Jason Longo, Member of Management, Private Real Estate at Partners Group. "The area is becoming an important regional business hub and this premier resort is ideally positioned to benefit from rising corporate demand for venue space and increasing visitor numbers to the area. We look forward to working with Trinity on our value creation plan for the property."
The Four Seasons Resort Dallas at Las Colinas is the only luxury golf resort in the Dallas Metroplex, featuring 90,000 square feet of meeting and event space, multiple food and beverage outlets, a swimming pool, and a 14,000-square-foot spa. Guests also have access to the amenities at the adjacent Four Seasons Golf and Sports Club, which includes 12 tennis courts, an indoor swimming pool, a 6,000-square-foot fitness center, and the TPC Las Colinas golf course. The capital improvement program calls for the renovation of all guestrooms and villas, re-concepting the hotel's food and beverage outlets, renovating the meeting space, and activating the outdoor pool area to elevate the property's best-in-class amenity set to amongst the top luxury resorts in the country.
"This property is a premier resort destination centrally located within one of the fastest-growing markets in the country, which has seen more than 10 consecutive years of record demand and RevPAR growth," said Sean Hehir, Managing Partner, President, and CEO of Trinity. "We are pleased to acquire this high-quality asset at an attractive basis and look forward to leveraging our operational expertise to maximize its value."
The Dallas Metroplex is one of the most dynamic and fastest-growing markets in the United States, experiencing significant growth through the COVID-19 pandemic. The City of Irving is a thriving epicenter for business and entertainment in the region, offering attractive residential communities within a desirable suburban setting. The heart of the city is the upscale, 12,000-acre Las Colinas master-planned community, characterized by prominent office towers, retail centers, and residential communities. With nearly 41 million square feet of office space, Las Colinas is home to more than 2,000 companies and 400 corporate headquarters, including Irving's prestigious Fortune 500 and 1000 companies, which include McKesson, Fluor, Kimberly-Clark, Pioneer Natural Resources, Vistra Energy, and Celanese. Due to its highly diversified economy and the rapid expansion of the financial services and technology sectors, the Dallas Metroplex is poised to continue its growth trajectory and recover more quickly than most major markets across the United States over the next several years.