Irving Hotel Firm Icon Lodging Buys Former Fort Worth Building

110 W 7th Street in Fort Worth and Piyush Patel (Loopnet, Icon Lodging)

A hotel company Irving has purchased an 11-story office building in downtown Fort Worth that is over a century old.

Icon Lodging has purchased the historic office building at 110 W. 7th St. and plans to convert the property into a hotel, the Dallas Morning News reported. Terms of the agreement were not disclosed.

The Fort Worth area hospitality industry is poised to recover from the pandemic. Hotel occupancy in Fort Worth-Arlington was 59% in the fourth quarter, slightly below the same period in 2019, according to San Antonio-based hotel consultancy Source Strategies. Overall, revenue increased nearly 66% in Fort Worth-Arlington in 2021 compared to 2020.

XTO Energy, which had offices in the tower before its acquisition by Exxon Mobil, sold the building, formerly known as the Baker Building, to Icon Lodging. XTO Energy also sold other properties in downtown Fort Worth, DMN reported.

Kirk Kelly and Blake Grable of commercial real estate firm Transwestern brokered the sale.

“Icon Lodging wanted to operate in the central business district of Fort Worth, and we concluded that the location, architecture, and history of 110 West 7th St. were unmatched, offering great potential for our client’s endeavors. “Kelly said in a statement.

Icon Lodging operates a dozen hotels in Texas, Arizona and New Mexico. It also has hotels in development in Fort Worth, Albuquerque and Wichita Falls, DMN reported.

Several office buildings in the Dallas-Fort Worth metro area have recently changed hands, such as the 50-story Trammell Crow Center in downtown Dallas.

[The Dallas Morning News] —KAthryn Hardison

Michael J. Chiaramonte