Veteran Dallas real estate investor Ray Washburne is taking on his next project with the acquisition and renovation of the Tru by Hilton Dallas Market Center hotel.
Washburne, head of Carter Holdings, purchased the property in partnership with Pennsylvania-based Liberty Hospitality Partners. The hotel, located at 1948 N. Stemmons Freeway, north of downtown, boasts 152 rooms. While the sale price was not disclosed, according to county tax rolls, it was last valued at $10. 3 million.
The property was sold by an affiliate of Napali Capital LLC, a real estate investment firm based in Texas and led by co-founder and managing partner Tim Black.
Washburne has an active real estate portfolio in the city.
He co-owns the historic Highland Park Village shopping center, which has catered to luxury shoppers since it opened its doors nearly a century ago. In 2023, the real estate mogul and businessman acquired the historic seven-story Founders Square Building in Downtown Dallas. He also recently purchased the bus terminal downtown, which is currently being leased to Greyhound until it relocates into its new home on Harry Hines Boulevard in 2025, as reported by The Dallas Express.
For his latest project, Washburne intends to invest in creating the city’s largest rooftop bar. The bar will be a key part of the overhaul, offering food and an extensive drink menu.
“We’re creating more than just a bar; we’re designing a rooftop destination that will become a must-visit spot in Dallas,” Washburne said, per CoStar.
“Guests can expect top-notch cuisine, craft cocktails, and an atmosphere that captures the essence of Dallas nightlife, all while enjoying breathtaking views of the city.”
President of Liberty Hospitality Partners, Dam Klingerman, said that the Dallas hospitality industry is poised to flourish as it continues to experience “significant growth” driven by business and leisure travelers.
Over the next three years, Texas is expected to open more than 14,000 hotel rooms, according to a report by CoStar. With 5,500 hotel rooms under construction, Dallas is one of the most active markets in the country, second only to New York City.