NewcrestImage Buys 325-Room Historic Magnolia Hotel in Downtown Dallas

DALLAS — Locally based hospitality investment firm NewcrestImage has purchased the Magnolia Hotel, a 325-room hotel located at 1401 Commerce St. across the street from AT&T’s headquarters office in downtown Dallas. The historic 29-story building was originally constructed in 1922 as the headquarters for Magnolia Petroleum and was redeveloped into a boutique hotel in 1999. NewcrestImage purchased the property from Denver-based Stout Street Hospitality for an undisclosed price. John Bourret, Daniel Peek, Austin Brooks and David Auer of Hodges Ward Elliott brokered the deal.