FORT WORTH, Texas — Crescent Real Estate LLC has acquired the Rosewood Crecent Hotel. The property will be renamed to Hotel Crescent Court to honour the historic name of the Texas landmark on which the hotel resides. Crescent has plans to spend $30 million to reinvigorate the Dallas property, which was originally built in 1985.
Currently, the hotel has 220 guestrooms — 29 of which are suites — a 22,000-sq.-ft. spa and features The Crescent Club — an exclusive private dining and fitness club.
Crescent has tapped Dallas-based waldrop+Nichols studio for the interior design portion of the hotel’s multi-million-dollar renovation. It will be redesigning guestrooms, the spa and banquet and meeting spaces. The hotel will now be operated by the independent HEI Hotels with Andrew Davidson as its GM. Davidson has 30 years of experience in the upscale hospitality industry and most recently managed Park Hyatt in Washington D.C.
Hotel Crescent Court was acquired through Crescent’s recently-established GP Invitation Fund (GPIF), announced last month. The $4 billion fund has so far gone towards six new investments totaling approximately $400 million. Crescent is investing the majority of its money in properties in the U.S markets.