|By Steve Brown, The Dallas Morning News
Knight Ridder/Tribune Business News
Jan. 20, 2006 - Dallas investor Tom Hicks is joining forces with the largest independent developer of luxury W Hotels and condominiums.
Mr. Hicks' Hicks Holdings LLC and Dallas-based Gatehouse Capital Corp. will do projects together in California, Texas and elsewhere.
Hicks Holdings was already a partner in the W Dallas Victory Hotel & Residences project. The 251-room hotel and 148 condominiums northwest of downtown Dallas will open in June. Gatehouse Capital is a major investor in the development.
Now Hicks Holdings is joining with Gatehouse Capital in the W Hollywood Hotel & Residences project in Los Angeles.
Scheduled to open in 2008, the project has a 300-room W Hotel, 150 condos and 40,000 square feet of retail.
And Hicks Holdings will partner with Gatehouse on new deals, Mr. Hicks said Thursday.
Gatehouse Capital's "plan is to do as many as a half dozen projects over the next three to five years," Mr. Hicks said.
"The understanding is that we will do everything together."
Founded in 1995 by Dallas businessman Marty Collins, Gatehouse Capital has developed W Hotels in San Diego and in Newark, Calif.
The company is also an investor in the Joule Hotel under construction on Main Street in downtown Dallas.
"I've known Marty Collins for 20 years," Mr. Hicks said.
"Having a chance to actually work together in the W project at Victory gave me a chance to understand what he is trying to do. It gave us reason to spend time together, and he approached us about the overall relationship," Mr. Hicks said.
Gatehouse Capital has a project in the planning stages for the Austin area and is working on a W-themed loft hotel concept that could be built in several North Texas locations.
"Tom Hicks is an astute investor with a long and distinguished history of successful real estate investing," Mr. Collins said in a statement.
"We're delighted to welcome him as an investor in the W Hollywood Hotel & Residences project, in Los Angeles, and look forward to partnering with him in identifying and pursuing other attractive hotel-related development projects."
Mr. Hicks -- a founding partner in the investment firm of Hicks, Muse, Tate & Furst Inc. -- set up his own investment firm a year ago.
Hicks Holdings is a part owner of the 75-acre Victory development and has other mixed-use projects in the works adjacent to Ameriquest Field in Arlington and the Dr Pepper StarCenter and Dr Pepper/Seven-Up Ballpark in Frisco.
Copyright (c) 2006, The Dallas Morning News
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