Keying in on revenue

Uptown Dallas hotel occupies top spot among Texas’ most lucrative lodgings

The Ritz is raking it in.

Courtesy photo

The Ritz-Carlton, Dallas has retained its crown as the top moneymaking hotel in Texas, according to a new report.

The report, issued by San Antonio-based Source Strategies Inc., shows that based on revenue per available room (RevPAR) — a key financial indicator in the hotel industry — the Ritz-Carlton ranked as the most lucrative Texas hotel in the first quarter of this year. It had held the No. 2 spot in the first quarter of 2018 but moved up to No. 1 in the fourth quarter.

The Ritz-Carlton’s RevPAR jumped from $337 in the first quarter of 2018 to $345.36 in the first quarter of 2019, according to Source Strategies.

Paul Vaughn, senior vice president of Source Strategies, attributes the Ritz-Carlton’s success, in part, to its desirable location in Uptown Dallas.

“It is a high-end luxury brand, and they charge a premium for their rooms. And people are willing to pay,” Vaughn says. “The amount of money they make per room puts them consistently at or near the top of our list.”

Among the top moneymaking hotels in Texas, the Four Seasons Hotel Austin remained at No. 2 from the fourth quarter of last year to the first quarter of this year. However, it had topped the list in the first quarter of 2018, when the Ritz-Carlton held the No. 2 spot.

The 291-room Four Seasons saw its RevPAR slip from $345.95 in the first quarter of 2018 to $344.48 in the first quarter of this year. The first-quarter figure for the Four Seasons is not even $1 less than The Ritz-Carlton’s comparable number.

The Four Seasons “just underwent a three-year renovation,” Vaughn says, “so it looks like they’re getting some good demand out of the recent improvements.”

Even though Dallas’ 218-room Ritz-Carlton reigned as the revenue king of Texas in the first quarter, Austin boasted seven of the state’s 10 most lucrative hotels. Aside from the Four Seasons, they are:

The Driskill at No. 4, with RevPAR of $304.58.
Hotel San José at No. 5, with RevPAR of $287.22.
Hotel Van Zandt at No. 6, with RevPAR of $283.77.
South Congress Hotel at No. 7, with RevPAR of $271.35.
JW Marriott Austin at No. 8, with RevPAR of $257.23.
InterContinental Stephen F. Austin at No. 9, with RevPAR of $248.72.

Vaughn credits SXSW and the recently concluded state legislative session with helping pump up Austin’s hotel performance in the first quarter of this year.

The only other Dallas hotel in the top 10 was Hotel Crescent Court (No. 10), with RevPAR of $248.54. That’s up significantly from $183.28 in the first quarter of 2018, when the hotel ranked 49th in the state for RevPAR. Vaughn says Hotel Crescent Court got a revenue boost from its recent $33 million overhaul.

In San Antonio, Hotel Emma stood its ground, remaining in the No. 3 spot for revenue. In the first quarter of this year, RevPAR reached $304.58, up from $289.52 during the same period last year, according to Source Strategies.

Hotel Emma, a 146-room boutique property at the popular Pearl District, continues to draw accolades from reviewers. For instance, the hotel in January earned a coveted Five Diamond Award from AAA.

The highest-ranking hotel in Houston was the JW Marriott Downtown Houston, at No. 29. RevPAR in the first quarter of this year was $206.37, up slightly from $205.32 during the same period in 2018.

Source Strategies says the Houston hotel market is still struggling in the aftermath of Hurricane Harvey in 2017.

“The Houston metro continues to see revenues recede after the strong emergency demand from the end of 2017 and in early 2018,” Todd Walker, president of Source Strategies, says in a release. “Some areas of the metro are performing well, but others have experienced sharp declines in demand, occupancy, and revenues.”

Vaughn says that after Hurricane Harvey hit in August 2017, some hotels in the Houston area “were taken out of service and are slowly filtering back into the market.”

hotels lists luxury rankings uptown

News for campers

New 650-acre state park coming to Lake Palestine in East Texas

Photo courtesy of TexasLand

Lake Palestine

East Texas is gaining a new state park at Lake Palestine that will include amenities like hike-and-bike trails, campsites, and lakefront access.

The Texas Parks and Wildlife Foundation has paid more than $10 million for a 650-acre ranch at Lake Palestine that will be converted into a state park, the agency says. If the park opened today, it would be the 90th state park in Texas.

The ranch, roughly 100 miles southeast of Dallas, had been on the market for a little less than $10 million. Roughly 60 percent of the ranch is wooded, and about 40 percent is pastureland.

The foundation will make improvements to the site, about 18 miles west of Tyler, before handing it over to the Texas Parks and Wildlife Department in late 2027. That’s when funding from the Centennial Parks Conservation Fund will become available for the department to acquire the property.

The deal preserves one of the last large habitat sites in that part of East Texas and will ultimately expand public access to Lake Palestine. The lake encompasses more than 25,500 acres and touches four counties. White-tailed deer, bobcats, and waterfowl are among the creatures that populate the habitat.

“Opportunities to protect a property like this don’t come along very often, and when they do, timing is critical,” Anne Brown, the foundation’s executive director, said in a release. She said the land will “ultimately become a place where generations of Texans can enjoy the outdoors.”

The Pollard family had owned the ranch, which housed their pecan farm, since 1940. Aside from the pecan orchard, the property includes pine forests, ponds, a seven-acre lake, and Lake Palestine frontage.

Sam Pollard, president of Texas Pecan Nursery, said the property “is part of my soul. It means a lot to me that we can leave a legacy for people to enjoy.”

The foundation says visitors to the future park will be able to enjoy blufftop views of the lake, watch wildlife and birds, and walk around the pecan orchard. They’ll also be able to take advantage of boating, paddling, swimming, and fishing at Lake Palestine.

Rodney Franklin, director of the state park system, called the site an “East Texas gem” and thanked the Pollards for enabling “this special slice of the Pineywoods to be accessible for generations of Texans.”

The parks and wildlife agency plans to create the park in phases, starting with guided access, followed by daytime access and then full-day and overnight access. The agency will invite public input about the park’s development.

Planned amenities include hike-and-bike trails, traditional and primitive campsites, day-use areas and lakefront access.

The NextEra Energy Foundation, a philanthropic arm of NextEra Energy and NextEra Energy Resources, chipped in $100,000 to support the future park. NextEra supplies electricity to about one million customers in Texas, mostly through its Gexa Energy subsidiary.

In addition, the wildlife foundation tapped into the state’s Land Conservation Loan Fund for the ranch purchase. The voter-approved, donor-supported fund aids land conservation efforts. Dallas-based Lyda Hill Philanthropies was an inaugural backer of the loan fund.

lake palestine parks state park texas

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News for campers

New 650-acre state park coming to Lake Palestine in East Texas