On September 3, HVS announced the sale of Dallas’s historic Katy Building to Shreem Katy, LP. The buyer plans an independent luxury boutique hotel with rooftop suites, a restaurant, a speakeasy and a spa concept. The announcement describes a completed building transaction and a proposed hotel conversion—not a completed hotel redevelopment. (hvs.com)
Desk application: Keep three questions separate: what the building cost, what conversion will cost and what the finished hotel can earn. The announcement does not establish a transferable conversion budget, stabilized return or price-per-key comparable.