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Hospitality Industry Trending Toward Infill Historic Remodels


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#1 John T Roberts

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Posted 02 February 2018 - 08:55 AM

I caught this article via Bisnow's daily e-blast.  This shows that there may be an interest in Fort Worth's historic office buildings to be converted to hotels.

 

https://www.bisnow.c...albachdietz.com



#2 JBB

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Posted 02 February 2018 - 09:16 AM

Interesting.  I wouldn't be surprised at all if some of the XTO properties ended up as hotels.  I caught a glimpse of the Statler in a story on Fox 4 last night.

 

As an aside, Bisnow articles tend to have some of the sloppiest writing.  The Spring Hill Suites in the Stockyards is not a historic remodel as the article suggests.



#3 John T Roberts

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Posted 02 February 2018 - 10:51 AM

As I had stated when XTO first announced they were selling their properties, I thought that some of their buildings would be converted to residential or a hotel.  I still think that is a good possibility.  As for Bisnow articles, their quality of writing is one of the reasons why I prefer not to link to their articles.  However, this is the only one that I found regarding the subject, and it was e-mailed directly to me.



#4 Austin55

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Posted 02 February 2018 - 05:03 PM

By my count Fort Worth has 17 prewar buildings over 8 floors still standing. 

1 was built as a warehouse and still is but abandoned (T&P)

2 were built as a hotels (Blackstone, Hilton). Both are is still hotels.

1 was built as residents (Forest Park Tower). It is still residences.

1 was built as office and is being converted to a hotel (Sinclair)

5 were built as offices but have been converted to residences (Neil P, T&P, Houston Place, Electric, Montgomery Plaza)

8 were built as office and are still office (714, Star Telegram, STS, Petroleum, W.T. Wag, Burk Burnett, Bob Simpson, FW Club)

4 were built but have been torn down (Aviation, Med Arts, Worth Hotel, Mrs. Dan Waggoner)

 

 

 



#5 txbornviking

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Posted 05 February 2018 - 09:01 AM

There simply must be an interesting story behind the original building of the Forest Park Tower right? It seems so odd "isolated" where it is.



#6 Doohickie

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Posted 05 February 2018 - 11:57 AM

There simply must be an interesting story behind the original building of the Forest Park Tower right? It seems so odd "isolated" where it is.

 

As I recall, an early oil baron built it as an investment (supposedly) so that his wife wouldn't be suspicious, with the real reason being that his mistress lived there (along with the mistresses of other wealthy dudes).


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#7 arch-image

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Posted 18 February 2018 - 09:50 AM

Reworking buildings will always be my favorite type of work but they are tough projects from start to finish. While I agree the tax credits can help with financing, in general, I would say its more 5% on the stack unless a very major and desired project, but hey, every little bit helps. Most developers I work with wont do a project if it hinges on Tax credits, if making a deal is so close financially that you MUST have those then it's probably to risky, not to say many wouldn't. As for saving construction costs and time on schedule there not really much different. In many cases it's more expensive. While yes, your not doing dirtwork, and utilities and building the basic shell, you re doing demo, cleaning, dealing with environmental issues, and it's not unusual that you have to upgrade the site utilities, windows, and curtain wall repairs.  It typically takes about 3 months on average to get sitework, utilities, and the foundation in, about the same as it takes to gut a building  etc... if you have a big abatement phase, it actually can take longer. As for cost, that shell of a building is sometimes is cheaper than building from scratch but definitely not always the case, plus you have be prepared for upgrading all of the MEP. If a really old building the AC/Heat systems tend to be shot, Electric is undersized, plumbing tends to have a 3-4" main at best as there wasn't much bathrooms, Fire systems are minimal and sometimes nothing more than a standpipe. I did a seminar once on renovating buildings and as I said then, whatever you think your going to salvage .... cut it in half. In relation to the articles comments on people wanting new and cool brands, maybe for the vacationer, but but in most hotels, sales are business based and those people will always stick with their favorite brand. If I had my way, all I would do is this type work, there definitely a lot of work but also a lot of fun.  But the thought they save a ton of money isn't usually the case. 



#8 txbornviking

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Posted 19 February 2018 - 04:15 PM

Speaking of Historic Renovations within the hospitality industry, does anyone know how much was spent renovating the old Pearl Brewery into the Hotel Emma in San Antonio? I've found things that have talked about the cost of the entire redevelopment project but not just the hotel.






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