The pandemic may have disrupted most of the hospitality day-to-day operations, but this is not the case with the Cityplace tower renovation project. NexPoint Advisors have recently announced that the two hundred and twenty room hotel renovation will meet its 2022 completion timelines. The hotel also features different amenities such as a bar, restaurant, fitness center, and pool.
James thinks that the project has been fortunate enough because they had created a timeline that outlives the pandemic. Currently, the hotel doesn’t have an official name, but the InterContinental Hotels will run it, and it’s expected to cover eight-story within the tower. In 2008, one of NexPoint affiliates purchased the building with a plan to have a hotel. When InterContinental joined a year later, they began working on the implemented project almost immediately. See This Article for additional information.
A recent report by JLL indicated that general contractors found it easier to find skilled labor during the pandemic, and this a trend that James has also noticed. James Dondero has even pointed out since most major development projects around Dallas are not operational because of the pandemic, it has become a lot easier to find specialized labor and subcontractors.
James still believes that managers are sometimes forced to consider a project budget and timeline in a booming market, either getting outbid for resources leading to delays or paying a premium. This norm has significantly shifted with the advent of COVID-19 because the current environment favors Cityplace. Go Here to learn more.
Even with a hotel’s addition, the Cityplace tower still has an extra one million square foot space to be used as office space. James Dondero points out the future office trends are more likely to have more enhancement not present in traditional options. Jim thinks that post-pandemic they’ll be more need for thoughtfully designed office spaces and high-quality property management.
Source article: https://www.nexpointadvisors.com/james-dondero/
We’re pleased to announced that the Highland Capital Management platform made @pensionsnews 2019 list of Best Places to Work in Money Management!https://t.co/PemxbAkJrD
— Highland Capital Management (@HighlandCapMgmt) December 10, 2019