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Sign in Sign up for a FREE subscriptionNewcrestImage purchases Magnolia Hotel in Dallas
Local hotel operator NewcrestImage has acquired the Magnolia Hotel in downtown Dallas from Stout Street Hospitality. The sales price was not disclosed.
The century-old building is topped by the iconic Pegasus flying horse sign. In 1999 it was renovated and converted into a 325-room hotel from an office building that was constructed in 1922 as the headquarters for Magnolia Petroleum, which merged with Mobil Oil, now ExxonMobil. It was the tallest building west of the Mississippi River when it opened.
Current features of the property include 115 suites with seating areas and full kitchens; 24-hour fitness and business centers; a library; a restaurant; two lounges; seven elevators; and 11 meeting rooms that range from 230 square feet to 3,500 square feet.
The asset is the first property for NewcrestImage’s recently launched $100 million fund. Currently, the fund has attracted $25 million in commitments, reported Hotel Business.
Recently, NewcrestImage and
