The Dallas Fort Worth International Airport board of directors approved the purchase of the Hyatt Regency DFW Hotel during the Aug. 6 meeting.
The transaction, approved by the Public Facility Improvement Corp. on July 29, is for an amount not to exceed $193.65 million from Woodlake HRDFW Hotel Owners, LLC for the property at 2334 N. International Parkway.
The details
The Public Facility Improvement Corp., or PFIC, will assume the lease between the hotel and the DFW Airport Board. The final approval will need to be approved by the owner cities, Fort Worth and Dallas, according to documents.
The 40-year lease on the facility had an initial term that started Oct. 23, 1986, with two 20-year extensions and a 19-year extension that follows.
The PFIC will enter into an amendment of the facility’s lease and will pay market rent to the DFW Airport board and an additional lease to cover debt service.
Zooming in
This would be the fourth hotel operated by the PFIC at DFW Airport. According to documents, the group also operates and manages The Grand Hyatt Hotel, the Hyatt Place Hotel and the Hyatt House Hotel, which is scheduled to open in 2027.
The Hyatt Regency DFW Hotel acquisition would be ‘beneficial to the operation or economic development of the airport,’ according to documents.
The hotel underwent a $50 million renovation that spanned from 2003 to 2009, according to a news release. Located at Terminal C, the hotel once had two towers, but the airport bought the West Tower to make way for a new terminal, according to former property owner Hunt Realty Investments.
What else?
The current hotel, which was referred to as East Tower, has 811 rooms and more than 92,000 feet of meeting space, an outdoor pool and on-site dining.
According to its website, the Hyatt Regency DFW Hotel has Mister G’s, a sushi restaurant; Jett’s Coffee Bar; Aces Lobby Bar and Jacob’s Spring Grille, which offers classic American fare, within the hotel.
The hotel also provides a 24-hour airport shuttle and a visitors shuttle to Grapevine, according to the website.
