DALLAS, March 4, 2021 /PRNewswire/ — Hodges Ward Elliott (“HWE”), the premier boutique real estate capital markets advisor, brokered the sale of the Magnolia Dallas Downtown hotel, a landmark 330-room hotel located at 1401 Commerce St. in Dallas, TX.
An HWE team composed of John Bourret, Managing Director, along with Daniel Peek, President, Hotel Group, Austin Brooks, Director, and David Auer, Associate, represented the seller in the transaction.
Built in 1922, the 29-story Magnolia Petroleum headquarters is one of the most famous buildings in Dallas and recognized for its flying red Pegasus sign at the top of the property. The hotel, which was developed in 1999, is located amongst 50 million square feet of premier Downtown and Uptown office buildings and at the epicenter of the Dallas urban revival – surrounded in all directions by major revitalization efforts including AT&T’s $100-million Discovery District, Main Street Corridor, Dallas CBD Second Light Rail Alignment, East Quarter, Farmers Market, Arts District, and Deep Ellum.
The exceptional property performance, iconic building status, and powerful local demand generators created significant investment interest and a highly competitive bidding process. The property will remain under the Magnolia flag while new ownership evaluates renovation options.
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