NexPoint Advisors, an investment adviser and affiliate of US-based asset management firm Highland Capital Management, has plans to set up an InterContinental Hotels & Resorts branded luxury property within Cityplace Tower, a 42-story office building in Uptown, Dallas, Texas, the US.

NexPoint purchased the building in August 2018.

It chose InterContinental Hotels Group (IHG) as the hotel operator under a long-term agreement to manage a full-service, five-star hotel within the building.

Highland Capital Management co-founder and president James Dondero said: “We see Cityplace as an opportunity to contribute to the Uptown area.

“Selecting the right hotel operator was a top priority, and we are excited to partner with IHG.”

The hotel with 223 guest rooms will occupy eight of the building’s 42 floors.

It will feature a restaurant, full bar, and lounge.

The plans for the restaurant consist of a fourth-floor terrace overlooking Uptown and Downtown Dallas.

Among the additional facilities to be provided by the hotel include an outdoor pool, fitness centre, business centre, Club InterContinental Lounge, and onsite parking.

The hotel is expected to open in early 2022.

IHG chief development officer for Americas Joel Eisemann said: “We are extremely pleased to be partnering with Highland Capital to bring the InterContinental brand back to Dallas, and offer world-renowned luxury service to business and leisure travelers.

“With its iconic design and sweeping panoramic views of the Dallas skyline, and premiere Uptown neighborhood location, the Cityplace Tower is a natural fit for an InterContinental hotel. This project will be a tremendous addition to our luxury portfolio in the Americas.”