Sam Moon Group is looking to cash out on a luxury hotel it developed in Dallas’ Arts District, six months after it opened.
The Plano-based firm has hired Eastdil Secured as an advisor in the potential sale of the 267-room JW Marriott at 800 North Harwood Street, which opened in July, Bloomberg reported.
Sam Moon Group could fetch as much as $190 million in a sale, the outlet said. The developer started construction on the JW Marriott in 2021, and it cost more than $125 million to build.
Sam Moon Group, initially a wholesale retailer in the 1980s, has diversified its real estate portfolio over the years. The firm’s Texas holdings include the Coyote Ridge Golf Club in Carrollton, the Renaissance Dallas Hotel in Plano and the Hyatt Place Alliance in Fort Worth.
While Sam Moon Group didn’t provide a reason for selling, it could be looking to capitalize on Dallas-Fort Worth’s surging luxury hotel market.
Hotels projects that were completed in the region last year include Harwood International’s Hotel Swexan and the Omni PGA Resort in Frisco, a $520 million development with two 18-hole golf courses. Once fully completed, the Omni PGA Resort will have 500 guest rooms, 49 suites, 10 luxury homes, eight retail spaces, four pools, a Topgolf and 13 restaurant and bar options.
Through the third quarter of 2023, Dallas-Fort Worth led the nation with 189 hotel projects in the development pipeline. Among DFW hotels in the works, several are large-scale, luxury projects that are poised to have major economic impact.
Also in Frisco, Hall Group is building a $500 million, 224-room hotel that will be under the banner of Marriott’s exclusive Autograph Collection. This hotel is part of the $7 billion mixed-use development known as Hall Park.
Carpenter & Company is at the helm of the highly-anticipated Four Seasons Hotel and condo tower in Dallas’ Turtle Creek neighborhood. Spanning 1.1 million square feet, the $750 million project is slated for 233 hotel rooms, 118 residential units and a 15,000-square-foot private club.
—Quinn Donoghue
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