New investment fund in Dallas makes first purchase

June 12, 2017 by  

A new investment company, based in Dallas has bought the first property of what is anticipated to be a $250 million property portfolio.

The Woodbine Development Corp. has created a company, Woodbine Legacy Investments, to buy hotels in various markets around the country. The newly created company has an equity stake of $85 million to purchase full-service and upscale hotels. Their first purchase is the recently acquired Hilton Dallas Park Cities, a 224-roon Dallas hotel.

According to a statement Woodbine’s chief investment officer and managing partner, Dupree Scovell:

“With this fund, we are leveraging the relationships that Woodbine has developed over 45 years and sourcing unique opportunities in high-barrier-to-entry markets where we feel confident about the long-term cash-flow potential.”

Scovell also mentioned the twin attributes of funding and flexibility that Woodbine Legacy Investments enjoys, and which enables them to employ the judicious strategies for navigating the assorted markets and their cycles. Although many of the newly acquired hotels will keep their original name others will need to contact stationery printing services for all new letterheads, business cards and invoices customized with a new hotel name.

Woodbine Development Corp., a part of the Dallas-based Hunt Consolidated, has an extensive history in the hotel industry. It has been involved in hotel projects not only in the Lone Star State but in arizona, California, Louisiana and oregon. In the Dallas-Fort Worth area alone, Woodbine operates over 1,500 hotel rooms.

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