NewcrestImage Lands $36M to Start Hotel Conversion at Mercantile Commerce Building
NewcrestImage landed almost $36M in financing to redevelop the vacant 1712 Commerce St (aka the Mercantile Commerce Building) office building into a dual-branded AC Hotel and Residence Inn hotel with 206 rooms in Downtown Dallas. HFF secured the funds through Fifth Third Bank. The building has been empty since the 1980s. Plans call to redevelop it into a select-service hotel that encompasses two Marriott brands: AC Hotels and a Residence Inn. The hotel will feature a fitness center, lobby lounge and bar, business center and meeting space with two boardrooms. The hotel (rendered above) will also have a 360-space parking garage. According to City of Dallas records, the project is slated to cost $55M with a summer 2017 completion. Merriman Associates Architects will be designing the project. HFF’s debt placement team was led by senior managing director Travis Anderson and director Jim Curtin. HFF info states the hotel will be in one of the largest employment centers in north Texas with more than 35.3M SF of office space.