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Dallas-based REIT, NexPoint Diversified Real Estate Trust, has secured a $95 million loan from New York-based private equity firm KKR for its Marriott hotel in the Uptown neighborhood. The 255-key property, which opened in 2021 at 3033 Fairmount Street, will use the funds to refinance $87.5 million of outstanding debt and generate an additional $15 million in cash.

    The loan amounts to a significant $373,000 per key, highlighting the property's value. Developed by Dallas-based Alamo Manhattan with funding from NexPoint, Marriott Dallas Uptown features 13,000 square feet of meeting space and a rooftop pool overlooking downtown Dallas.

    Uptown has become a hub for financial firms, earning the nickname "Y'all Street" due to its growing prominence in the industry. With over $1 billion in development projects underway, including a Goldman Sachs campus and a 30-story Bank of America tower, Uptown continues to attract businesses fleeing dated downtown locations.

    Despite an influx of new hotel supply, Dallas' hospitality market remains strong, with average daily rates up 11 percent since 2019. The Metroplex has added over 9,000 hotel rooms in the same period, according to data from CoStar cited by Hotel Management.