New Era Hotels & Resorts and Sunset Legacy L.P. announced plans Tuesday for an $80 million, 12-story luxury hotel and conference center overlooking Lake Grapevine in the Lakeside DFW development.
Called The Pearl on the Peninsula, the 220-room, 217,261-square-foot hotel will overlook the lake from a 40-foot bluff. It will be the centerpiece of the southern 25-acre lake peninsula, which is part of the 150-acre mixed-use Lakeside project on Farm Road 2499, the developers said.
The hotel will include a 32,000-square-foot conference center, meeting spaces, a 10,000-square-foot ballroom, an infinity pool and two restaurants, one a European market concept and the other a full-service upscale signature restaurant and bar. Construction is scheduled to begin before July 1, 2016, with the hotel’s opening set for late 2017.
The hotel is a project of the Tarwater and Stewart families, which have owned the property for more than a century. L. Scott Tarwater, partner and president of New Era Hotels & Resorts, will lead the development. DePalma Hotels & Resorts will manage the property.
In a statement, Alan Stewart, general partner of Sunset Legacy, said: “Over 30 years ago, my father, Peter P. Stewart, envisioned an international hotel overlooking the lake to complement the new DFW International Airport. Our family is thrilled that he will see this dream come true right before his 95th birthday.”
On Monday, the Flower Mound Town Council approved a 21-year tax abatement for the project worth $24.5 million.
New Era Hotels is also developing the Courtyard by Marriott River Walk Hotel in River Walk at Central Park in Flower Mound. That project is scheduled to open in mid-2016.
Sandra Baker, 817-390-7727