DALLAS, TX --(Marketwired - May 12, 2016) - Aloft and Element Hotel at Love Field Airport, won the Dallas Business Journal's Best Real Estate Deals awards in the Most Creative Financing category.
The project is a 224-room dual-branded Aloft and Element hotel development in the fast-growing Love Field district in Dallas, Texas. Scheduled to open in December of 2016, Aloft Dallas Love Field and Element Dallas Love Field will anchor a new mixed-use development just one mile from Dallas Love Field Airport (DAL) and the Dallas Medical District. The building will be part of Highridge Partners' 37-acre West Love development that will also feature apartments and more than 24,000 square feet of retail space. Just one mile from baggage claim, the new hotels will offer proximity to downtown Dallas, the Dallas Medical District, the Design District, the shops and restaurants at Dallas Market Center and AT&T Stadium.
"This is the third year Civitas has been nominated and won awards at the annual Dallas Business Journal Best Real Estate Deals, and the second time we've won in the Most Creative Financing category," said Dan Healy, chief executive officer of Civitas. "We work really hard to bring creative solutions with a rigorous, institutional approach to structuring deals. It's nice to be acknowledged within the community because it confirms that this concerted effort is paying off. I'm delighted to share this award with our team in Civitas and our partner and co-developer, Atlantic Hotels Group."
"By offering these two popular Starwood brands in one location, we will provide a unique mix of product offerings and amenities that does not currently exist within the immediate vicinity and will capture the rapid growth within these submarkets," said Perry Molubhoy, CEO of Atlantic Hotels Group. "Aloft and Element Hotel is the first of several joint hotel projects between Civitas and Atlantic within the DFW Metroplex."
The hotel, which will cost over $40 million, is being co-developed by Civitas and Atlantic and managed by an affiliate of Atlantic. Construction began in August 2015 and is expected to be completed at the end of 2016. 5G Studios is the architect on the project, and Clark Contractors is the general contractor. Third-party financing for the project was provided by American National Insurance Company as well as a number of long-time investors of both Civitas and Atlantic.