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Stout Street Hospitality to Open Second Magnolia Hotel in Dallas
New Property to Open in Upscale Park Cities Suburb
Denver, Colo. – May 18, 2015 – Leigh Hitz, president and chief executive officer for Stout Street Hospitality, today announced the company is expanding its presence in Dallas with the opening of the Magnolia Hotel Dallas - Park Cities. The property will open June 15 in the former Holiday Inn Dallas Central - Park Cities location. More than $2 million in renovations and expenditures are planned for the boutique hotel to enhance the design, décor and overall guest experience to meet Magnolia brand standards.
The 293-room hotel, owned by Dallas-based TriGate Capital, is centrally located just steps away from the recently opened George W. Bush Presidential Library with easy access to Southern Methodist University, Mockingbird Station, North Park Center, Fair Park/Cotton Bowl, the American Airlines Center, downtown Dallas and more.
"Stout Street Hospitality has been managing this property for nearly two years and we saw the level of expertise the company brought to the table," said Jon Pettee of TriGate. "We believe transitioning to the Magnolia brand is going to elevate the property for the local community, as well as for business and leisure travelers. We believe the Magnolia brand will broaden the appeal of the hotel for business and social functions in the Park Cities area."
In additional to the transition to the Magnolia brand, the $2 million renovation is slated to improve the guest arrival experience with a new water feature that will be a focal point of the hotel. Guest rooms will receive a refresh with new bedding and soft goods, and new furniture and décor will be added to common areas throughout the property. The renovation is the second phase of TriGate's overall $11 million re-investment in the property. Approximately $9 million was spent in 2012 and 2013 to completely update the hotel's rooms, full service restaurant, lounge, and meeting space. The original capital improvements at the property received national recognition for its creativity and impact on hotel sales.
"TriGate has provided us with an amazing property to manage," said Hitz. "They are dedicated to offering guests a great product just as we are dedicated to providing a great guest experience. We know the Dallas market well with our current location downtown and we look forward to offering our guests a new option in the vibrant Park Cities area."
The new Magnolia property is a convenient option for business travelers with free wireless Internet, a 24-hour business center and easy access to some of the area's largest companies. More than 12,000 square feet of meeting and event space provides a great option for group, corporate, wedding and social gatherings. Complimentary shuttle service also is provided to Dallas Love Field Airport and the surrounding area.
"We believe the quality of our meeting space will make Magnolia Dallas - Park Cities a great boutique hotel for business meetings, as well a group and social functions in the area," added Hitz.
For more information on Magnolia Hotel Dallas - Park Cities, please visit www.magnoliahotels.com or call 888.915.1110.
Dallas-based TriGate Capital, LLC is a market leading real estate private equity firm focused on acquiring real estate secured debt, providing capital for asset and company recapitalizations, and acquiring real estate assets where the potential to add value exists. The company manages two fully discretionary real estate funds, TriGate Property Partners, LP (Fund I) and TriGate Property Partners II, LP (Fund II), which are the vehicles through which TriGate conducts its investment strategy. Fund I is fully invested and Fund II is presently in its investment period.
Denver-based Stout Street Hospitality is a privately held hotel management and development company, which operates upscale boutique hotels.. The company focuses on development, management, acquisition, re-branding, new construction, and conversion of existing independent hotel properties. The core product line consists of award-winning, independent boutique hotels under the Magnolia brand that offer a style unlike that of trendy or branded hotels. The company currently operates Magnolia hotels in Denver, Dallas, Houston, Omaha, Neb.; St. Louis; and a ski resort, The Winter Park Mountain Lodge, in Winter Park, Colo. For more information, visit www.stoutstreethospitality.com.
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