A 124-room Marriott Courtyard is planned for 2.2 acres on North Main Street across from the historic Stockyards district.
Dothan, Ala.-based LBA Properties, which provides development and management services to the hospitality industry, bought the land at 2533 N. Main St. on Aug. 6 under the entity Sunbelt-CFX Llc. from the Fort Worth investment group Exhibits Building Partnership, deed records show.
Mike Costanza, who heads the 10-member investment group, said in May that the property was under contract to a hotel group. The parcel overlooks the intersection of Stockyards Boulevard and North Main Street and is divided by Marine Creek.
Robert Grunnah and Lily Chang with Henry S. Miller represented the seller. Lynn Dowdle of Dowdle Real Estate represented the buyer.
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“We knew the Stockyards needed more hotel rooms but there was a barrier to entry due to scarcity of land for the use,” Dowdle said in a statement. “We are thrilled to have finalized this transaction and we are certain the Marriott Courtyard will be a welcomed addition to the most famous historic district in Fort Worth.”
Dowdle said construction should begin immediately. An opening date has not been determined.
LBA Properties’ hospitality division manages 70 hotel properties in the Southeast, according to its website.
In May, the City Council approved a request to vacate an 11,920-square-foot tract that’s listed on property records as an alley at the site, which sits between 25th and 26th streets with Ellis Avenue to the west and Main Street to the east.