NewcrestImage purchases Magnolia Hotel using new real estate fund

In the first investment from its new $100 million real estate fund, NewcrestImage has acquired the Magnolia Hotel in downtown Dallas from Stout Street Hospitality. The 325-room, 29-floor property opened in 1922 as the headquarters office for Magnolia Petroleum. It was the city’s first skyscraper and the first high-rise in the U.S. to have air conditioning, the company reports. The site, listed on the National Register of Historic Places, opened as a luxury boutique hotel in 1999.