Hicks Holdings LLC and Gatehouse Capital to Develop Starwood Properties Before 2011 Super Bowl
DALLAS--(BUSINESS WIRE)--Hicks Holdings LLC, a Dallas-based enterprise that controls the Thomas O. Hicks family’s investments, and Gatehouse Capital, a Dallas-based real estate investment firm, announced today that they will build two hotels on five acres within Glorypark, a mixed-use development in Arlington, Texas.
“The hotels and branded residences will be in an urban, upscale setting with sustainable features in the middle of Dallas/Fort Worth. We will build first-class properties within a unique development that is distinctive because it is anchored by the Texas Rangers and the Dallas Cowboys”
Scheduled to open in 2010, the $232 million project will be composed of Starwood Hotel brands and will include a 300-room Westin Hotel and a 140-room ALOFTSM with residences atop both properties. The 36-story Westin will also contain 85 branded luxury residences, and 70 loft-type residences will be above the 18-story ALOFTSM.
Mr. Hicks and his family own the Texas Rangers and Dallas Stars, and Hicks Holdings is the master developer of Glorypark, with Steiner + Associates serving as the developer of the retail, apartment and integrated office segments. Mr. Hicks said the announcement of the Super Bowl game to be played at the new Cowboys Stadium in 2011 was an important factor in the decision to build the hotel properties.
“We believe that the Super Bowl, Glorypark, Rangers Ballpark in Arlington, Cowboy Stadium and the new Rangers Alley, along with Arlington’s other assets, are redefining this city,” Mr. Hicks said. “Arlington used to be the city between Dallas and Fort Worth. These real estate and entertainment developments will make Arlington the center of Dallas and Fort Worth.”
Marty Collins, President and CEO of Gatehouse Capital, said he is excited to team up with Hicks Holdings on another upscale development. The two companies partnered at Victory Park on the W Hotels and Residences Dallas.
“The hotels and branded residences will be in an urban, upscale setting with sustainable features in the middle of Dallas/Fort Worth. We will build first-class properties within a unique development that is distinctive because it is anchored by the Texas Rangers and the Dallas Cowboys,” said Mr. Collins.
Glorypark is the 1.2-million-square-foot, mixed-use lifestyle development that will be built between Rangers Ballpark in Arlington and the new Dallas Cowboys football stadium. Glorypark will include restaurants, entertainment, retail and office space. The first phase of Glorypark, expected to open in Fall 2009, will include Rangers Alley, an entertainment destination adjacent to the Ballpark that will feature restaurants, retail and entertainment venues.
The newly announced hotels and residences will be sustainable and registered candidates for Leadership in Energy and Environmental Design (LEED®) Certification. Sustainable practices will include purchasing green power from suppliers offering energy derived only from sustainable sources, high-efficiency appliances and fixtures, water-saving irrigation, and drought tolerant landscaping.
The Westin Hotel will have 55,000 square feet of meeting and pre-function space, including a 13,000-square-foot ballroom. Westin’s signature Heavenly Spa®, a branded signature steakhouse and the WestinWORKOUT® Powered by Reebok Gym are among the amenities to be included at the property. Guest rooms will be made up of Westin’s amenities such as the Heavenly Bed®, Heavenly Bath® and luxury furnishings. More than 35,000 square feet of retail space will be incorporated on the first and second levels of the Westin Hotel. In addition, up to 150,000 square feet have been preserved for possible future office space development on the Westin podium.
The ALOFTSM hotel will feature nine-foot ceilings and oversized windows to create a bright, airy environment. The centerpieces of the guest rooms will be ultra-comfortable signature beds and large, stylish bathrooms with oversized walk-in showers and amenities created by bliss® spa. Each guest loft will be a combination of high-tech office and entertainment center, featuring wireless Internet access and plug & play, a one-stop connectivity solution for multiple electronic gadgetry such as PDAs, cell phones, mp3 players and laptops—all linked to a large, flat-panel-HDTV-ready television for optimal sound and viewing.
Gatehouse Capital and Hicks Holdings are currently involved in several other high-profile projects across the country, including W Hollywood Hotel and Residences, located at the famous intersection of Hollywood and Vine. The $600 million, mixed-use project, the largest privately financed real estate project in California’s history, is scheduled to open in 2009.
About Hicks Holdings LLC
Hicks Holdings was formed in January 2005 as a holding company for the Thomas O. Hicks family’s sports, real estate, corporate and other assets and investments, including Major League Baseball’s Texas Rangers, the National Hockey League’s Dallas Stars, and a 50% interest in Liverpool Football Club, an English Premiership Club known as “Britain’s Most Successful Football Club”. In May 2006, Hicks Holdings and Steiner + Associates announced the launch of Glorypark, a 75-acre urban town center adjacent to Rangers Ballpark in Arlington whose neighbor will soon be the new Dallas Cowboys Stadium. Hicks Holdings is also developing Champions Park, a 40-acre office/retail development in Frisco, Texas adjacent to the Dr Pepper Ballpark and Dr Pepper StarsCenter.
About Gatehouse Capital Corp.
Gatehouse Capital Corporation is a real-estate investment and advisory services firm based in Dallas, Texas. The company specializes in hospitality-centered, mixed-use developments and hotels. Gatehouse utilizes best-of-class institutional partners to design, build and operate its properties. Gatehouse Capital developments include W San Diego, W Silicon Valley, W Dallas - Victory Hotel and Residences, Hyatt Regency Mission Bay in San Diego, and the Palomar Hotel and Residences in Milwaukee. For more information, visit www.gatehousecapital.com.