ICON Lodging, represented by Piyush Patel of ICON Lodging, has completed the acquisition of a 100,000-square-foot office building located at 110 West 7th Street, Fort Worth, Texas. The property, formerly known as the XTO Energy building from 1910, was purchased for an undisclosed price. ICON Lodging plans to invest $33 million in converting the 11-story structure into a Residence Inn, a process that is estimated to take approximately one year.

Summary of transaction details

• Property Type: Office
• Transaction Amount: Undisclosed
• Square Footage: 100,000
• Address: 110 West 7th Street, Fort Worth, Texas
• Market: Fort Worth

Piyush Patel of ICON Lodging played a key role in the transaction, representing the buyer in the deal. The purchase of this historic office building marks ICON Lodging's entrance into the Fort Worth market and their plan to convert the property into a Residence Inn demonstrates their commitment to providing accommodation options in the area.