The Dallas Morning News

Chicago investor buys The Lumen near SMU

1960s hotel will be part of Graduate collection

- By STEVE BROWN Real Estate Editor stevebrown@dallasnews.com Twitter: @Stevebrown­dmn

A Chicago investor has purchased a University Park luxury hotel.

AJ Capital Partners bought The Lumen on Hillcrest Road across from Southern Methodist University from a local partnershi­p.

The hotel was built in the mid1960s and was significan­tly remodeled seven years ago by Dallas oilman Tim Headington.

The new owners plan to remodel and rebrand the property.

“Once complete in spring 2020, the property will debut as Graduate Dallas, part of the Graduate Hotels collection,” AJ Capital Partners said in a statement. “Following the renovation, the hotel will offer 95 guestrooms, a communal lobby, Poindexter coffee shop, a reimagined restaurant and bar, rooftop lounge and upgraded pool courtyard.”

AJ Capital has 14 Graduate Hotels open in the U.S. and more than a dozen other properties under developmen­t.

“We are thrilled to announce the acquisitio­n of the Lumen Hotel,” Tim Ryan, senior vice president of acquisitio­ns, said in a statement. “This storied property is uniquely positioned to serve the SMU campus community, Park Cities and greater Dallas for generation­s to come.”

The previous owners added 36 guest rooms, enlarged the lobby and built the rooftop terrace with views of SMU and the Park Cities neighborho­od. Dallas architect BOKA Powell did the redesign.

Headington still owns the Joule hotel in downtown Dallas.

 ?? 2012 File Photo ?? The Lumen hotel in University Park was sold by a partnershi­p headed by Dallas businessma­n Tim Headington, who owns the Joule in downtown Dallas.
2012 File Photo The Lumen hotel in University Park was sold by a partnershi­p headed by Dallas businessma­n Tim Headington, who owns the Joule in downtown Dallas.

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