There's a new five-star luxury hotel in the works for Cityplace Tower, the 42-story office building off US 75, at 2711 North Haskell Ave.

According to a release, NexPoint Advisors plans to establish an InterContinental Hotels & Resorts luxury property within Cityplace Tower.

The 223-key hotel will take up eight of the building's 42 floors, and will contain a restaurant, full bar, lounge, and fourth-floor terrace with views of Uptown and downtown Dallas.

Other features of the hotel include an outdoor pool, fitness center, business center, Club InterContinental Lounge, and onsite parking.

The hotel is expected to open in early 2022.

NexPoint is an alternative investment adviser and an affiliate of Highland Capital Management, a Dallas-based asset management firm. Highland Capital Management acquired Cityplace Tower in 2018 with plans to upgrade the building and surrounding area.

Cityplace Tower is a 42-story, Class A office building situated on 8.69 acres. It has 3,300 parking spaces and has a connection to the DART rail at Cityplace Station. Highland Capital Management bought it from Parmenter Realty Partners, which owned it since 2013.

The hotel plans are just the beginning of Cityplace Tower's redevelopment. Other projects include improvements to the building's vehicle entrance/exit off 75, and the expansion of the surface parking lot for office visitors and retail customers.

NexPoint also plans to create a porte-cochere for valet, with a space for drop-offs and pick-ups.

In addition to those access improvements, NexPoint will also:

• enhance shared spaces and amenities for tenants
• renovate the lobby
• introduce concourse-level food and retail offerings
• build a new fitness center

NexPoint real estate chief Matt McGraner says in a statement that the hotel not only addresses hospitality demand but also provides amenities to tenants already in the building.

"In all our plans for Cityplace, our focus is on optimizing the functionality of the building, elevating the experiences of all visitors and tenants, and advancing the surrounding area," he says.

IHG development officer Joel Eisemann says the hotel will be a tremendous addition to their portfolio. InterContinental Hotels & Resorts has more than 200 InterContinental hotels open worldwide and 60 more in the pipeline.

"With its iconic design and sweeping panoramic views of the Dallas skyline, and premiere Uptown neighborhood location, the Cityplace Tower is a natural fit for an InterContinental hotel," Eisemann says.