Developers working on a new Uptown hotel have gotten $61 million in financing for the project.
International Bank of Commerce provided the funding to developer Alamo Manhattan Corp. to build the Marriott Uptown at Carlisle and Fairmount streets. CBRE Capital Markets arranged the funding with the Laredo-based bank.
“Alamo Manhattan has a stellar track record of developing great real estate products, and delivering their projects on time and under budget,” CBRE’s Jay Wagley said in a statement. “They saw a need for the Marriott Uptown and seized a great opportunity.”
The 14-story, 277,524-square-foot hotel is planed to include 255 rooms, full-service restaurant, lounge, swimming pool, fitness facility and 12,980 square feet of meeting space. The hotel is scheduled to open in early 2020.
WDG Architecture designed the building.
“For years our team has recognized that a huge gap exists in the Uptown Dallas hospitality market,” Matt Segrest, President of Alamo Manhattan, said in a statement. “While there are excellent high-end and boutique hotel options, there are little to no options for the mainline professional business traveler.
“With the explosion of new office development in Uptown, this need just continues to grow,” he said. “We were presented with a development opportunity we couldn’t resist.”
Alamo Manhattan is starting the hotel project as it completes an apartment and retail development in Oak Cliff. The developer has built several Uptown area rental communities.