MCR has acquired its eighth hotel in the Dallas/Fort Worth area.
The New York-based hotel operator purchased the four-story Courtyard Dallas Grand Prairie, a 120-key limited service hotel spanning 120,000 square feet.
The sales price was not disclosed, but the property was assessed for tax purposes last year at $12.5 million, or around $104 per square foot. MCR acquired the property with acquisition financing from American Momentum Bank.
The hotel at 2850 South State Highway 161 opened in 2021 and features a full-service restaurant and bar, outdoor pool, patio bar, fire pit and fitness center. It also has on-site parking and 2,000 square feet of meeting space.
The property is 20 minutes south of the Dallas Fort Worth International Airport and 10 minutes from the $4 billion Arlington Entertainment District, home to the Dallas Cowboys’ AT&T Stadium, the Texas Rangers’ Globe Life Field and the Texas Live entertainment complex. The Texas Rangers are also building a 300-unit residential project in the district, slated to open in 2024.
This purchase represents MCR’s 39th hotel acquisition in Texas, where the hotel market is experiencing a steady rebound from the pandemic.
The DFW metro area was ranked as the number one market for hotel construction nationally in the third quarter of 2022. It had already set this record a mere six months prior.
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