Midas, a leading hotel management and investment firm, recently announced the opening of its new Element by Westin hotel. The $22 million hotel is located at 2205 North Glenville Dr. in Richardson, Texas. The Element is part of a 5.2-acre mixed-use development and joint venture with 3D Development, a real estate development company with offices in Georgia, Tennessee, and Texas.
Midas Hospitality will manage the four-story hotel, which has 123 spacious suites that include fully equipped kitchens and spa-inspired bathrooms. MW Builders, which has offices in Kansas and Texas, was the general contractor for the hotel. Gray Design Group was the architect, and Commerce Bank is providing the financing.
The Element concept encourages renewal through a nature-influenced environment and is constructed with efficient use of space and sustainability in mind. Highlights include a Motion Fitness Center, an all-natural saline pool, and a Bikes to Borrow program for its guests.
This is the second Element hotel brand that Midas Hospitality will manage. Janina Partney, who has more than nine years of hotel operations background and over 15 years of accounting experience, will serve as the General Manager. Prior to this position, Partney served as General Manager of the Element hotel in Irving, Texas.
Richardson is a thriving corporate community that includes Blue Cross and Blue Shield of Texas, Raytheon, State Farm, and Texas Instruments. The city is home to the University of Texas at Dallas.
“This development not only represents our second investment made in Texas, but it is also our second alliance with Marriott’s exciting Element concept,” said Midas Capital’s President Eric Goettelmann. “We’re extremely proud of our Midas team members and partners who helped us complete this development through these trying times.”
3D Development was founded in 2008 and has offices in Georgia, Tennessee, and Texas. The full-service real estate development company focuses on building solutions for national retail and hospitality brands. For more information, call (423) 290-2412 or visit 3D Development.
Founded in 2006, Midas is a fully integrated real estate enterprise with business units specializing in capital generation, construction, and management services for hospitality properties and adjacent investments. With partners including Hilton, Marriott, and IHG, Midas brings institutional-quality real estate to both growth- and income-focused investors. Midas’ headquarters are located at 1804 Borman Circle Dr. in Maryland Heights, Mo. For more information, call (314) 692-0100 or visit Midas Hospitality.