After four years of stalled redevelopment projects, a landmark Dallas hotel has hit the market.
Davidson Bogle Real Estate is marketing the 10-story cottage hotel at 899 Stamons Freeway near downtown as an opportunity to complete the renovation, Dallas Morning News Report.
Centurion American Development Group bought the vacant building from Dallas County in 2017 for $8.1 million. The Farmers Branch-based company demolished the building’s interior before halting reconstruction in 2019 because of delays over the historic name, city permitting issues and the pandemic.
Davidson & Bogel’s Jake Milner told the media the building is currently under contract with a buyer.
Centurion, led by CEO Mehrdad Moayedi, plans to transform the site into a 268-room hotel at an estimated cost of about $100 million.
The Cabana Hotel was built in 1962 by Jay Sarno, who also built Caesars Palace in Las Vegas. Cabana was once considered a top destination for travelers, hosting the likes of The Beatles, Led Zeppelin and Richard Nixon. It closed in the 1970s and later became the county jail, the outlet said.
For Centurion, the listing marks its second historic property to hit the market. The company also sells Braniff Airways Hostess Academy, built in 1968 as a training center for Dallas Airlines flight attendants. The five-story site has been vacant for more than eight years.
However, the company has been adding to its portfolio elsewhere. Earlier this year, Centurion acquired 680 acres in Grayson County, 55 miles north of downtown Dallas, for a master-planned community called Cottonwood.
The company purchased 1,100 acres in Terrell last fall for Las Lomas, a large mixed-use project with plans for 2,390 single-family homes, as well as multifamily, industrial and educational developments.
— Quinn Donoghue
