Loews Motels & Co. is increasing its North Texas presence with the development of a $550 million resort in Arlington that may home town’s new conference middle, the corporate introduced Tuesday.
The large Loews Arlington Resort, which is ready to open in early 2024, will characteristic 888 rooms, 266,000 sq. ft of assembly area and the 150,000-square-foot Arlington Conference Middle to create an area conducive to enterprise and leisure journey. It should join by way of skybridge to Loews Motels’ different, smaller resort, Reside! By Loews-Arlington.
Nestled within the Arlington Leisure District between the Texas Rangers’ Globe Life Discipline and the Dallas Cowboys’ AT&T Stadium, the resort represents one of many most-significant investments Loews Motels has put right into a improvement.
“It turned obvious that there was a possibility to re-create and reimagine the present conference area on the Arlington Conference Middle,” mentioned Jonathan Tisch, chairman and chief govt officer of Loews Motels, a subsidiary of the multibillion-dollar Loews Corp. “And what higher place to place it than within the resort that would be the predominant provider of those sorts of conferences going ahead.”
Tisch, who can be a co-owner of the NFL’s New York Giants, mentioned the mission has been within the works for years after Loews Motels noticed success with its Reside! By Loews resort. The $150 million, 300-room sports activities and leisure resort that opened in August 2019.
The corporate mentioned it studied customer demand at Reside! By Loews earlier than touchdown on the 888-room rely at its new enterprise. Loews Arlington Resort will characteristic resort-style facilities like a seashore membership with two swimming pools, cabanas and 5 eating places and lounges.
It will likely be one of many largest motels in North Texas, rating behind 5 properties with 1,000 or extra rooms — Sheraton Dallas, Hilton Anatole, Gaylord Texan, Hyatt Regency Dallas at Reunion and Omni Dallas.
Few industries had been rocked by the COVID-19 pandemic just like the leisure and hospitality sector. After an almost-complete halt in journey, the trade probably received’t recuperate to pre-pandemic efficiency till 2025 on the earliest, based on current evaluation by Dallas-based ThinkWhy.
Nonetheless, Tisch mentioned he believes the brand new resort will see huge demand as enterprise journey returns and other people resume touring for sporting occasions, particularly within the months between now and when the resort opens its doorways.
Out there leisure was one of many largest attracts for Loews Motels when deciding to construct in Arlington. The town of practically 400,000 boasts a number of skilled sporting venues, the Six Flags Over Texas amusement park and can quickly be dwelling to the Nationwide Medal of Honor Museum, which is ready to open in 2024.
“There are such a lot of demand mills available in the market,” Tisch mentioned.
Arlington Mayor Jim Ross mentioned together with town’s new conference middle inside the resort will carry alternatives for the rising space.
“It actually places us on a complete completely different degree in attracting large conventions right here to Arlington, bringing the kind of conferences right here which might be going to learn this metropolis like we’ve by no means seen earlier than,” he mentioned. “We’d like the rooms, and Loews coming in placing this luxurious resort smack-dab in the midst of every thing is simply what we want.”
Headquartered in New York Metropolis, Loews Motels operates 26 motels and resorts throughout the U.S. and Canada. The Arlington mission consists of $244 million of Loews Resort fairness and a $300 million mortgage from MetLife Inc. That is the primary time Loews Motels will develop the resort along with proudly owning and working the property.
Tisch mentioned the brand new resort represents Loews Motels’ perception in the way forward for North Texas.
“With this funding, we’re making a dedication, we’re making an announcement,” he mentioned.