Dallas Questions: Is RockBridge Buying the Adolphus Hotel? And Will The Colonnade Sale Set a Record?
- Jul 09, 2012
The Adolphus Hotel in Downtown Dallas could celebrate its 100th birthday with a new owner.
According to the Dallas Morning News, Ohio-based hotel RockBridge Capital is interested in buying the 20-story landmark. As the hotel was last renovated in 1980 for $45 million, the investor would need to make some improvements to the 440-room building. The hospitality property is currently owned by a Boston partnership that has controlled the property since early this year.
The Adolphus was opened on Oct. 5, 1912, built by the founder of the Anheuser-Busch company, Adolphus Busch, in a Beaux Arts style. Busch’s intention in constructing the hotel was to establish the first grand and posh hotel in the city of Dallas. With 22 floors standing a total of 312 feet, the building was the tallest in Texas until it was dwarfed by the Magnolia Petroleum Building (now the Magnolia Hotel) just down the street in August 1922, according to Wikipedia.org.
The Dallas Morning News adds that if the Adolphus gets a redo, it would be the second major downtown hotel undergoing a remodeling.
Another landmark property, the Colonnade office complex in Addison, may be about to set a new record in North Texas: It could be sold for $200 million, which would be one of the biggest prices paid for a commercial project this year in the area, according to the Dallas Morning News.
The three-building complex has more than 1 million square feet of first-class business space and is currently 90 percent leased. Among its major tenants are names like United Surgical Partners International, Willis of Texas, Hilton Worldwide, Frost Bank and Source Direct.
CBRE Global Investors owns the property, and Holliday Fenoglio Fowler is marketing it.
Photo rendering of the Adolphus Hotel, courtesy of Wikipedia