A would-be hotelier took a multimillion-dollar loss after his unfinished hotel project sold at auction for $5.25M last week.
The 12-story Plush Suites hotel has been under construction at 13931 Noel Road since 2020, according to a listing with Williams & Williams Real Estate Auctions.
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Developer Jon Langbert confirmed to Bisnow he invested upward of $20M into the property, but declined to comment on the decision to sell until auction results are finalized later this week.
The buyer’s identity was not disclosed by the auction house or Langbert.
Langbert bought the land north of the Galleria with plans to build a luxury hotel tower that would serve as a prototype for future properties, according to the Dallas Morning News.
The 311K SF project was estimated to cost $30M upon completion, per a 2018 filing with the Texas Department of Licensing and Registration.
Langbert’s team encountered several challenges along the way, the DMN reported, including design and permitting issues that delayed the project and earned it the moniker the “Hole on Noel."
Plans for the all-suite hotel had called for rooms ranging from 500 SF to three-bedroom units of up to 1.3K SF.
“My partner and I have decided to sell Plush this year and allow another developer to complete the project,” Langbert told The Real Deal when it reported Langbert had put the property up for auction last month.
