On the heels of avid interest in the $550M Loews Arlington Hotel and Convention Center, Loews Corp. is adding another hotel to its portfolio in the Arlington Entertainment District.

The company’s hospitality arm has purchased the 311-room Sheraton Arlington Hotel, located about a mile away from its other properties and north of the Texas Rangers ballpark, according to The Real Deal. The plan is to demolish the Sheraton and build a new hotel and parking garage.

The Sheraton project would be the company’s third in the city. Loews Arlington Hotel and Convention Center, an 888-room, full-service resort, is under construction across the street from the company’s existing Live! by Loews property.

Upon its opening in February, the Loews Arlington Hotel and Convention Center is slated to include 250K SF of meeting and event space, as well as 66K SF of outdoor space and a resort-style beach club, among other amenities.

As of the end of the second quarter, the property already had 150,000 room nights booked related to group events, President and CEO of Loews Hotels & Co. and Vice President at Loews Corp. Alex Tisch told Bisnow in a previous interview.

Hospitality activity in Arlington is expected to support the hundreds of thousands of visitors who flock to the city for sporting and entertainment events. The district is home to two theme parks, AT&T Stadium and Choctaw Stadium.

A 30K SF business incubator known as Spark Arlington recently opened in the 200K SF Choctaw Stadium, which was transitioned to a commercial and retail venue in 2019. It is the only major league stadium to ever be repurposed, Texas Live! Chief Operating Officer Jim Watry said at a recent Bisnow event.

The project is part of a larger collaboration between The Cordish Cos. and the Texas Rangers that will bring $1B of new development into the entertainment district. Other developments underway include the National Medal of Honor Museum and One Rangers Way, a 300-unit apartment community set to open in late 2024.