Overview
HREC Investment Advisors is pleased to introduce the opportunity to acquire the fee simple interest in the 101-room Radisson Hotel Dallas North - Addison (also referred to as the “Hotel” or “Property”) in Addison, TX. The acquisition provides an exceptional opportunity to substantially improve performance of a well-located North Dallas asset through enhanced operations and revenue management with a renovation and rebranding to Hampton Inn. The all-in investment would be considerably below replacement cost. The 4-story concrete and steel Hotel features spacious guestrooms, two brand new Kone traction elevators, and 2,400 SF of meeting space.
Addison is recognized as a vibrant area for lodging, specialty retail, restaurants, and nightlife. The local office market is comprised of 22.5 million square feet of existing space including corporate and regional offices for Tenet Healthcare, AECOM, Caterpillar, Toyota, SNI Companies, Mary Kay Cosmetics, and Trinity Industries. Addison is a 20-minute drive from the area’s two major airports, DFW International Airport and Love Field Airport. It is easily accessible to several popular leisure attractions such as Galleria Dallas, George W. Bush Presidential Library, Dallas Museum of Art, The Dallas World Aquarium, and the Perot Museum of Nature and Science. Local colleges in proximity include Dallas College Brookhaven, University of Texas Dallas (UTD), and Southern Methodist University.
Investment Highlights
- Rebranding: The Property represents an exceptional opportunity to up-brand to Hampton by Hilton to better fit the growing, North Dallas – Addison market. The owner has already obtained Hilton's approval of the renovation/design plans. The PIP is available for review. Notably, the nearby Home2 Suites (132 rooms - 2017 opened) achieved over $117 RevPAR for the November 2024 TTM period per state occupancy tax data.
- Demand Growth: The Hotel is across the street from the new Addison stop along DART’s $1.9 billion Silver Line light rail expansion which will provide direct access to DFW Airport (west) and Plano/Richardson (east). Surrounding the Addison rail stop, developers are planning a $472 million mixed-use development over 18 acres to include residential, Class A office, an entertainment venue, and ground-level retail.
- North Dallas Surging: The Dallas area is experiencing exceptional growth, especially in the northern Dallas suburbs with numerous out-of-state relocations and expansions. Some of the more noteworthy are: Tenet Healthcare moved its corporate HQ 1.5 miles from the Hotel, and AECOM moved its Global HQ 2.5 miles from the Hotel in the Dallas Galleria area from Los Angeles. Caterpillar moved its global HQ from Illinois to Irving, Toyota opened its $1 billion U.S. HQ in Plano, Liberty Mutual opened a 1.1 million square foot office at Legacy West in Plano, and State Farm Insurance opened a 2 million SF regional campus to hold up to 10,000 employees at City Line in Richardson. Wells Fargo is building a $500 million, 850,000 SF regional campus in Las Colinas, and Goldman Sachs is constructing its own $500 million, 800,000 SF regional campus in Uptown Dallas.
- Excellent Demographics: The 5-mile area around Addison employs some 250,000 people and has an average household income of $113,846. Homes in the immediate area have an average home value of $648,000.
- No New Supply: There is no new hotel supply planned in Addison.
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