Driftwood Capital Acquires 299-Key Hilton Dallas/Plano Granite Park Hotel
The property is currently the only hotel serving Granite Park, a waterfront business park in Plano, TX surrounded by 2.3 million square feet of Class A office space, shops and restaurants
Driftwood Capital, a vertically integrated commercial real estate firm providing attractive returns in hospitality, announces the acquisition of the Hilton Dallas/Plano Granite Park. The 299-key hotel is centrally located within the 90-acre master-planned, mixed-use community of Granite Park in the north Dallas suburb of Plano. This marks the company’s third hotel acquisition in the Dallas-Fort Worth market; it also owns the 231-key Hilton Dallas/Rockwall Lakefront and the 248-key Hilton Dallas Southlake Town Square.
Driftwood Capital plans to renovate the hotel’s guestrooms and meeting space, and Driftwood Hospitality Management (DHM), an affiliate of Driftwood Capital, has assumed management responsibilities.
Accredited investors may have the opportunity to invest in the hotel through Driftwood Capital’s DealDirect investment platform beginning in July.
“In a climate where few properties are trading, we were fortunate to identify and acquire a high-quality, cash-flowing hotel asset in an exceptional location underpinned by strong corporate and leisure demand within the Dallas-Fort Worth Metroplex, which is one of the five fastest growing economies in the U.S.,” said Carlos Rodriguez Sr., CEO of Driftwood Capital.
Located at 5805 Granite Pkwy, the Hilton Dallas/Plano Granite Park features 299 spacious guestrooms, including king and double queen configurations, as well as well-appointed suites. Guests can enjoy a range of amenities, including an outdoor pool, two on-site dining options, Carso Market for ready-made meals and coffee, a fitness center, and a business center. The hotel also boasts an impressive 33,833 square feet of versatile meeting and event space, accommodating up to 1,300 guests.
The property is centrally situated within the highly sought-after Granite Park, a master planned, mixed-use community with 2.3 million square feet of existing office and retail space, including renowned tenants such as Fannie Mae, Coca-Cola North America, Ford Motor Credit, and Vine Oil and Gas. The master planned community is adjacent to Legacy Central Business Park at the confluence of Dallas North Tollway and State Highway 121 with direct access to the Dallas-Fort Worth International Airport, just 20 minutes away.
The Dallas-Fort Worth Metroplex, known for its robust economy and strong corporate presence, is a burgeoning technology hub and a preferred business location. As one of the fastest-growing economies in the United States, the region offers exceptional airlift connectivity, attracting over 89 million passengers annually through Dallas Fort Worth International Airport and Dallas Love Field Airport.
About Driftwood Capital
Driftwood Capital is one of the country's leading hospitality sponsors. A vertically integrated commercial real estate firm with investment, development, lending and management platforms, Driftwood's unique business model provides accredited investors access to institutional-quality hotel assets or capital solutions on a direct deal basis following deal closing. Since 2015, Driftwood Capital and its principals have transacted on more than $5 billion in hospitality assets, including new ground-up hotel development projects, cash-flowing hotels and hotel-backed loans. Driftwood's in-house team oversees deal sourcing, underwriting, financing, asset management, operations, development and legal issues. For more information, visit www.driftwoodcapital.com.
