The Courtyard Fort Worth/Blackstone hotel in downtown Fort Worth is being sold to an Austin-based real estate investment company.
Summit Hotel Properties has reached an agreement to acquire the 203-room hotel, located at 601 Main St., as part of a five-hotel package from Xenia Hotels & Resorts for $163 million, the companies announced.
The historic Blackstone, which dates to 1929, was given new life in 1999 when an affiliate of Historic Renovation of New Orleans completed a two-year, $20 million renovation. The hotel had closed in 1982.
Other hotels included in the sale to Summit are the Courtyard Kansas City Country Club Plaza, the Courtyard Pittsburgh Downtown, the Hampton Inn & Suites Baltimore Inner Harbor, and the Residence Inn Baltimore Downtown/Inner Harbor.
“All five of these hotels are located in prime locations in strong markets and exhibit many of the upside characteristics that are important to our investment criteria,” said Daniel P. Hansen, Summit’s chairman, president and CEO, in a statement.
According to a statement from Xenia, Summit will execute new franchise agreement for the properties and expects to spend about $13 million to $16 million in capital improvements required under the agreements over the next two years. A spokesman wtih Summit said he couldn’t provide any further details.
Austin-based Summit Hotel Properties is a publicly-traded real estate investment trust that owns 76 hotels in 22 states. It has six other properties in Tarrant County: a Fairfield Inn & Suites and Hampton Inn & Suites in west Fort Worth; a Hilton Garden Inn in Fossil Creek in north Fort Worth; and a Courtyard, Residence Inn and Hyatt Place in Arlington.