search

The Real Deal Logo

Trending

Insult to injury: Kushner dinged $15M after losing $186M dealInsult to injury: Kushner dinged $15M after losing $186M dealSeritage sells part of Albany mall for $28MSeritage sells part of Albany mall for $28MFMB’s Ilan Kenig loses home to foreclosure, racks up $500K in credit card debtFMB’s Ilan Kenig loses home to foreclosure, racks up $500K in credit card debtYitzchok Schwartz buys controversial site near Brooklyn Botanic GardenYitzchok Schwartz buys controversial site near Brooklyn Botanic Garden
Commercial
Dallas

Loews, Arlington plotting $410M hotel 

Taxpayers would contribute $95M; 25K sf of convention space planned

Loews, Arlington Plotting $410M Hotel Project
Loews Hotels CEO Jonathan Tisch and Sheraton Arlington Hotel (Loews Hotels, Arlington.org)

UPDATED Dec. 12, 8:35 PM

A high-profile hotel project is brewing in Arlington, adding to the plethora of hotel developments in Dallas-Fort Worth. 

The Arlington City Council is considering a public-private partnership with Loews Hotels for a 500-room hotel with a minimum of 25,000 square feet of convention space, the Dallas Morning News reported. 

The 311-room Sheraton Arlington Hotel at 1500 Convention Center Drive would be demolished, freeing up 14 acres for development. Built in 1984, the 19-story Sheraton has roughly 26,000 square feet of meeting space and was renovated 15 years ago. 

The project, which would also include a parking garage, would cost an estimated $410 million, or about $820,000 per room. 

Loews would provide all advance funding through private equity and debt financing.

Arlington would contribute $40 million toward development costs and provide annual grants exceeding $57 million over 25 years, the outlet reported. 

Sign Up for the undefined Newsletter

“The project is expected to produce $3.1 billion in economic output over 30 years, with $711 million in net benefits for the city, Tarrant County and Arlington Independent School District,” the city council item states. 

Construction could start on the parking garage next year, if the deal is approved.

Loews, led by president and CEO Alex Tisch and executive chairman Jonathan Tisch, would have 1,700 hotel rooms in Arlington if this project is completed. The company opened the $150 million Live! by Loews Hotel in 2019. It anchors the Texas Live! entertainment district near the Dallas Cowboys’ AT&T stadium. 

Loews is also building the $550 million Loews Arlington Hotel and convention center near the Texas Rangers’ Globe Life Field. That hotel, set to open early next year, is slated for 888 rooms, 266,000 square feet of meeting space and the 150,000-square-foot Arlington Convention Center.

—Quinn Donoghue

Correction: A previous version of this article misspelled Loews Hotels and listed Jonathan Tisch’s title as CEO, when he is in fact executive chairman. Alex Tisch is the company’s president and CEO.

Read more

Companies and People
Loews Hotels & Co.Jonathan Tisch
Tags
DemolitionDevelopmentFinancingHotelpublic funding