BY LISA BROWN
The newest additions to the Dallas Arts District–HALL Arts Hotel and Residences–are well underway, says Dallas-based developer HALL Group. Craig Hall, founder and chairman of HALL Group, delivered remarks as the ceremonial evergreen tree was lifted onto the building last week.
“The Dallas Arts District is one of our city’s greatest treasures, and this development will be a great addition to the vibrant neighborhood, giving visitors and art patrons the opportunity to live and stay in the district,” said Hall.
The 28-story HALL Arts Residences, opening in early 2020, features 50 homes starting at $2 million, ranging from 1,600 square feet to the two-level penthouse of more than 10,000 square feet. The Residences will also be the first residential building in Texas to qualify for WELL Building Certification, a system for measuring health and wellness for buildings’ occupants.
The adjacent HALL Arts Hotel, opening in fall 2019, will deliver the first hotel to the Dallas Arts District. The art-filled boutique hotel is comprised of 183 rooms and 20 suites. Located at the intersection of Ross Avenue and Leonard Street, HALL Arts Hotel will feature 6,000 square feet of event space and two restaurants, each with individually curated menus.
HKS is the project’s architect and Austin Commercial is the general contractor. Dallas-based Emily Summers Design Associates designed the public space interiors for HALL Arts Residences, and New York-based Bentel & Bentel designed the interiors for the HALL Arts Hotel. Crescent Hotel and Resorts is managing the HALL Arts Hotel, which is also affiliated with Leading Hotels of the World.
“Seeing the HALL Arts Hotel and Residences evolve from an architectural vision to topping out has been incredible,” Eddie Abeyta, principal at HKS Inc. and the project’s architect, tells GlobeSt.com. “We approached the project with the surrounding Dallas Arts District in mind, and from the perspective of the residents who will live here and the hotel guests who will stay here. Situated among beautiful architectural icons designed by Pritzker prize-winning architects, this new addition to the Arts District offers a special opportunity to experience Dallas’s greatest cultural treasure.”
CBRE projections show the Dallas hotel market is expected to remain steady in the foreseeable future. Occupancy should remain in the mid-to high 60% range and ADR is projected to grow between 1.6 and 1.7% during the next two years.
CBRE Hotels found that RevPAR increased by 0.7% in 2018 as the result of a 1.8% decline in occupancy and a 2.5% gain in average daily room rates. The 0.7% increase in RevPAR was an improvement after RevPAR decreased by .3% in 2017. Resulting RevPAR is projected to grow between 0.6% and 1% during the next two years, driven primarily by rate increases.
Dallas occupancy projections remain above the long-run averages of 62.2% from 1988 to 2018. Although the past five years’ ADR increases have ranged from 2.3% to 5.9%, during the next two years, ADR increases are projected to be below Dallas’ long-term average of 2.4%. Accordingly, RevPAR increases are also projected to hit below Dallas’ long-term average of 3.4%, says CBRE.
Original Publication: https://www.globest.com/2019/05/08/newest-arts-district-additions-provide-living-and-visiting-options/