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What's New


June 2nd, 2017 in

Woodbine Development Corporation (Woodbine), a full-service real estate development company, announced the creation of Woodbine Legacy Investments, a real estate fund capitalized by select family offices, foundations and institutions. The $85 million fund represents $250 million in purchasing power, which will be used for acquiring and investing in branded, boutique and independent hospitality assets across the United States.

Woodbine Legacy Investments will pursue lower-risk, conservatively leveraged full-service and upscale select-service hotels in high-barrier-to-entry markets—seeking out strategic cash-flowing properties with the intention of longer-term holds while maintaining the option for opportunistic exit timelines when conditions warrant.

Woodbine Legacy Investments is being managed by Woodbine’s leadership team, members of which have an average tenure of 17 years and a proven track record of success. Woodbine’s highly disciplined underwriting, conservative investment approach and long-term outlook have generated an average return of more than 35 percent for its investors over the last 25 years.

“With this fund, we are leveraging the relationships that Woodbine has developed over 45 years and sourcing unique opportunities in high-barrier-to-entry markets where we feel confident about the long-term cash-flow potential,” said Dupree Scovell, managing partner and chief investment officer for Woodbine and WLI. “Woodbine Legacy Investments provides both funding and flexibility, giving us the ability to apply the best and most prudent strategies for success across diverse markets and market cycles.”

In late March, Woodbine Legacy Investments made its inaugural acquisition in its hometown with the purchase of Hilton Dallas, Park Cities, a 224-room boutique hotel in one of the most affluent sub-markets in the city. Located near Northwest Highway and the Tollway, the 224-room property enjoys adjacency to Preston Hollow and Highland Park—while being footsteps from Preston Center restaurants, shops and offices, and an easy drive from Dallas Love Field and the Southern Methodist University campus. The AAA Four Diamond hotel includes an upscale restaurant, Grain, a lobby bar, fitness center, pool and 10,259 square feet of meeting space.

Woodbine Legacy Investments’ acquisition of Hilton Dallas, Park Cities was a unique, off-market opportunity born out of Woodbine’s long-standing relationship with Hilton. Woodbine’s headquarters is based in Dallas and Woodbine already asset manages more than 1,500 keys in the Dallas/Fort Worth area. This made the hotel a natural addition to the Woodbine Legacy Investments portfolio—one that is positioned for growth and appreciation, ultimately generating cash flow to investors over time.

With an asset portfolio of just over $1 billion, Woodbine has been under the direction of Chairman and Founder John Scovell since its inception. Together, Scovell and Dallas businessman Ray L. Hunt of the Hunt Oil Company founded the full-service real-estate company in 1973.

Last year, Scovell transitioned leadership of the company to President Les Melcher, CFO/COO Jim Cihak, and Managing Partners King Scovell and Dupree Scovell, who are responsible for spearheading and managing Woodbine Legacy Investments initiatives, including underwriting, sourcing, capitalization, renovation, repositioning, asset management and disposition in collaboration with other members of the Woodbine leadership team. John Scovell retains his role as chairman, remaining active in the company’s ongoing development efforts.

Woodbine’s award-winning projects have shaped skylines and landscapes stretching across America from D.C. to Florida to California to Oregon. The company’s first project, Reunion Tower and Hyatt Regency Dallas at Reunion, opened in 1978 and redefined the Dallas skyline.

In recent years, Woodbine has diversified its brand portfolio, capital sources and geographic reach, and has specialized in hospitality development across brand categories—including ground-up hotel projects in the upscale select-service properties such as AC Hotel Tempe, AC Hotel Irvine, Hyatt Place DFW Airport and the Courtyard by Marriott at Springwoods Village near Houston. It has also partnered on the development and renovation of luxury boutique and independent destinations, including Hotel Emma in San Antonio; the Old No. 77 and Chandlery in New Orleans; the Sentinel in Portland, Oregon; and the recently opened Mountain Shadows Resort and luxury residences in Paradise Valley, Arizona.

Other noteworthy Woodbine projects include: Hyatt Regency Hill Country Resort & Spa in San Antonio; the Westin Kierland Resort and Kierland Commons in Phoenix/Scottsdale; and Hyatt Regency Lost Pines Resort & Spa outside of Austin.

About Woodbine Legacy Investments
Woodbine Legacy Investments is a real estate investment platform that focuses on branded, boutique and independent hotel acquisitions and investments across the United States. Capitalized by select family offices, foundations and institutions, WLI pursues lower-risk, conservatively leveraged, full-service and select-service hotel assets in top-tier markets that offer long-term cash-flow opportunities for investors. The fund is led and owned by Woodbine Development Corporation. To learn more, email

About Woodbine Development Corporation
Woodbine Development Corporation is a full-service real estate company with more than 40 years of development, investment, acquisition and asset management experience. With offices in Dallas, Phoenix and Los Angeles, Woodbine specializes in hotels, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio features major brands, independent hotels, full-service destinations and select-service stays alike. Since 1973, Woodbine has been involved in more than $7 billion in commercial real estate projects, including the development, ownership, asset management, repositioning or renovation of over 17,000 hotel rooms. To learn more, visit

Hilton Dallas, Park Cities, the first acquisition for Woodbine Legacy Investments