Case Studies

Hotel Palomar and Residences

RAG purchased a landmark property and transformed it into a first class mixed-use hotel/residential/retail development ($95 million total cost).

Quick Facts

Property:
185-room, 4-star hotel
72 condominium units adjoining hotel
25,000 sf of retail, including a first class spa and restaurant

Location:
Dallas, Texas
Mockingbird and Central Expressway

The challenge:
The property's former Hilton Hotel had been an icon in Dallas, Texas since 1967. An ownership change in the 1990s quickly turned the landmark hotel into an eyesore on the horizon.

The solution:
After fierce competition to acquire the property at this AAA location, RAG was able to successfully complete the transaction. The expensive land helped dictate the mixed use development which included a hotel and adjoining condominium tower which has access to all of the hotel's amenities. RAG hired a 4-star hotel group (Kimpton Hotels) to operate the hotel that brought instant credibility to the project. The "sophisticated urban resort" is now set to reignite activity at this prime location.

Complex Transactions Made Profitable

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