search

The Real Deal Logo

Trending

Michael Stern pays $61M for Brickell site of Dolce & Gabbana supertallMichael Stern pays $61M for Brickell site of Dolce & Gabbana supertallBushburg buying Rudin’s half-empty FiDi office building for $160MBushburg buying Rudin’s half-empty FiDi office building for $160MDevelopers have a new tax break. Now they must figure it outDevelopers have a new tax break. Now they must figure it outGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouse
Commercial
Dallas

Irving hotel firm buys historic Fort Worth building

The 11-story office building was built more than a century ago

110 W 7th Street in Fort Worth and Piyush Patel (Loopnet, Icon Lodging)
110 W 7th Street in Fort Worth and Piyush Patel (Loopnet, Icon Lodging)

An Irving hotel company bought an 11-story office building in downtown Fort Worth that’s more than a century old.

Icon Lodging purchased the landmark office building at 110 W. 7th St. and plans to convert the property into a hotel, the Dallas Morning News reported. Terms of the deal weren’t disclosed.

The hotel industry in the Fort Worth region is inching towards recovery from the pandemic. Hotel occupancy in Fort Worth-Arlington stood at 59 percent in the fourth quarter, slightly below the same time in 2019, according to San Antonio-based hotel consultancy Source Strategies. Overall, revenue increased by almost 66 percent in Fort Worth-Arlington in 2021 compared with 2020.

XTO Energy, which had offices in the tower before it was acquired by Exxon Mobil, sold the building, previously known as the Baker Building, to Icon Lodging. XTO Energy has also sold other properties in downtown Fort Worth, DMN reported.

Kirk Kelly and Blake Grable of commercial property firm Transwestern brokered the sale.

Sign Up for the undefined Newsletter

“Icon Lodging wanted to operate in Fort Worth’s central business district, and we concluded that the location, architecture and history of 110 West 7th St. was unmatched, providing great potential for our client’s endeavors,” Kelly said in a statement.

Icon Lodging operates a dozen hotels in Texas, Arizona and New Mexico. It also has hotels under development in Fort Worth, Albuquerque and Wichita Falls, DMN reported.

Several office buildings in the Dallas-Fort Worth metro area have changed hands recently, such as downtown Dallas’ 50-story Trammell Crow Center.

[The Dallas Morning News] — Kathryn Hardison

Read more

Tags
HistoricHotelTranswestern