What does $50 million get you these days?
Quite a lot, according to Damien O’Connor, general manager of the Sheraton Fort Worth Downtown, which recently began showing off the extensive facelift that took place at the 403-room hotel over the last year.
The upgrade saw the hotel adding new premier meeting and conference spaces, as well as upgrading rooms and a 200-seat restaurant.
Said to be one of the largest-ever hotel renovations in the Fort Worth region, the design and amenities are part of Sheraton’s new signature experience that are being replicated in Denver, Phoenix, San Diego and other locations.
“Nearly every inch of the hotel has been upgraded from the original design, from the lobby to the top floor Trinity suite,” said O’Connor. “It’s a new hotel basically, but the bones of this hotel? They’re good bones.”
The hotel, located at 1701 Commerce St., is across the street from the Fort Worth Convention Center and the Water Gardens as well as a short walk to some 75 restaurants and an array of entertainment venues.
Entering the hotel, guests will see the distinctive state outline of Texas on the front facade and, once inside, find a lobby with newly open space and a distinctive “abstract western” decor. Interior design work was done by The Gettys Group Companies and the architect for the update was HKS.
“We’ve opened it up with light,” said O’Connor.
Catering to the modern traveler, there are charging outlets and power sources throughout the hotel.
“We have created a place that is welcoming and comfortable for all guests,
O’Connor said. “We want it to be a gathering place and that’s what we worked to achieve.”
The modernized rooms include platform beds, 55-inch televisions, adjustable work tables, charging outlets, power sources and larger bathrooms.
The Sheraton Fort Worth Downtown also has expanded its suite offerings to 37 — up from 25 — including one new suite with more than 1,000 square feet. The top-floor Trinity Suite features a large parlor and two bedrooms with king-size beds.
The hotel offers about 30,000 square feet of conference space, including a large ballroom and individual breakout meeting rooms and workspaces with the latest audiovisual technology. The spaces are adaptable to meet the needs of small, large and multiroom events.
“There are lots of spots so you can break away from the big meetings for small meetings or for phone calls,” said O’Connor.
Dining options include the signature restaurant-bar West + Stone and &More by Sheraton, which offers an all-day menu and assorted beverages for dining in or to-go.
Aimbridge Hospitality, a hospitality group out of Plano, operates Sheraton Fort Worth Downtown. The hotel began life as a Hilton Inn in 1974 with one tower. A second tower was added in 1980. It became a Sheraton hotel in 2006.
O’Connor said the refurbished hotel’s timing is perfect with new downtown developments taking place on the south end of the area.
“It’s beautiful,” he said. “We have, in almost every way possible, built a brand-new hotel. It’s the same excellent location close to everything Fort Worth has to offer, but completely new from the lobby to the top-floor suites.”
| Fort Worth firm makes industrial acquisition Fort Worth-based PHP Capital Partners, a privately owned investor and operator of industrial real estate properties, has acquired Freeport 7, a single-tenant light industrial property near the Dallas Fort Worth International Airport in Irving. The price was not disclosed.Located at 9150 N. Royal Lane, the 56,076-square-foot property is 100% leased to Inspire Event Solutions, a wholly owned subsidiary of Ashford Inc.“This property checked all of our boxes as we continue to target functional, shallow-bay industrial properties in urban infill areas,” said Pete Van Amburgh, co-managing partner of PHP Capital Partners.PHP Capital’s additional acquisitions within the past year include properties in San Antonio, Grand Prairie and Fort Worth. PHP Capital also sold the 165,000-square-foot Blue Smoke Business Park in Fort Worth. Housing inventory increases The inventory of homes for sale in Fort Worth in May climbed above the three-month mark for the first time in more than 10 years. The last time inventory rose above three months in Fort Worth and Tarrant County was in 2013, when selfie was the word of the year. Fort Worth had 3.2 months of housing inventory in May, and Tarrant County had 3.1 months. Inventory indicates the number of months it would take for the existing supply of homes on the market to sell given the current sales pace. Over the last several years, that number had dipped to less than one month.“The increased demand that was created by the pandemic and a drop in mortgage rates really highlighted an overall shortage of housing in the area,” said Blake Barry, 2024 president of the Greater Fort Worth Association of Realtors, in a note to the organization’s members. “There were many more eager buyers than available homes for sale. Things feel very different now, and buyers have more options than they’ve seen in years.”Home prices also increased during that long period of extremely low inventory. Now, while the increases have eased, prices have remained elevated. The median home price in Fort Worth in May was $335,907, a 1.2% decrease from May 2023. The downside to the current market adjustment is that it is due in large part to higher mortgage rates, which have negatively impacted affordability. “Greater supply, coupled with the recent downward trend in rates, is an encouraging sign for the housing market,” said Sam Khater, Freddie Mac’s chief economist. “If a potential buyer is looking to buy a home this year, waiting for lower rates may result in small savings, but shopping around for the best rate remains tremendously beneficial.” |
The Netflix House Fort Worth connection
Galleria Dallas is adding streaming to the shopping experience. The high-end retail center has announced a new anchor tenant, a hotly anticipated entertainment venue.
Netflix House, a permanent entertainment venue, is coming to Galleria Dallas, but there is a Fort Worth connection.
What is Netflix House, you might well ask? Like a Netflix series that goes on an episode or two too many, they aren’t exactly spoiling the plot right away, but it apparently will offer an immersive experience and let guests get a taste of your favorite Netflix series and films through unique food and drink offerings. “Squid Game” cocktail anyone? This will be the first Netflix House in Texas, and only one of two to be announced in the United States, the other being in King of Prussia, Pennsylvania.
Netflix House is currently undergoing construction on two floors of the anchor space on the northwest side of the shopping center and is expected to open in fall 2025.
The Fort Worth connection is that Galleria Dallas is owned by MetLife Investment Management and managed by Fort Worth’s Trademark Property Group.
Do you have something for the Bob on Business column? Email Bob Francis at bob.francis@fortworthreport.org.
Bob Francis is business editor for the Fort Worth Report. Contact him at bob.francis@fortworthreport.org. At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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