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Carey Watermark Buys Stoneleigh/Le Meridien

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Carey Watermark Buys Stoneleigh/Le Meridien

Carey Watermark Investors acquired the historic Stoneleigh Hotel in Dallas, the first purchase for the company in the Lone Star State.

The 176-room Art Deco landmark has bounced around in recent years, reports the Dallas Morning News, and currently is under the aegis of Starwood Hotels & Resort’s Le Meridien brand. Le Meridien has been busy in the last quarter of 2015, breaking ground on a luxury Denver development and completing a renovation in New Orleans.

The iconic hotel was built in 1923. It got a $36M facelift in '08, but Carey Watermark plans to pour $4M into The Stoneleigh with freshened guestrooms, updated corridors, additional outdoor event space and a swimming pool. [DMN]