Developer and real estate investor Ray Washburne said he plans to build an $80 million, 30-story hotel on land he owns at the old Dallas Morning News campus...
STOCK/The Dallas Morning News Rock of Truth shot on Feb, 21, 2017. Developer and real estate investor Ray Washburne said he plans to build an $80 million, 30-story hotel on land he owns at the oldThe 1,000-room hotel would anchor an entertainment district he’s long planned since purchasing the campus at 508 Young St.
in 2019. The planned hotel tower would rise behind the property’s historic Rock of Truth monument.Washburne said he’s in discussions with two major chains but declined to name them. He plans to seek support from the city for roughly 20% to 25% of the project’s cost — a figure that could range from $160 million to $200 million.City of Dallas officials did not immediately respond to a request for comment. Washburne offered no timeline for when plans might be presented before the city council. He estimates the hotel would take 30 months to build. “If the convention center is going to open in, say, summer 2029 ... even if I started today, I couldn’t get something totally finished until 2030 at the earliest.”The planned tower would be seven stories higher than its neighbor, the Omni Dallas, which has 1,001 rooms. Washburne purchased the newspaper’s former campus for $28 million in 2019. He threatened to sell the property to an unnamed data center company. The city eventually acquired more than 4 acres on the southern half of the campus for $45 million in June 2025, deed records show. Washburne said he had to buy the data center firm out of their contract, but declined to provide further details, citing a non-disclosure agreement.Washburne’s Charter DMN Holdings LP still owns roughly 3.7 acres at the site, according to the Dallas Central Appraisal District.Dallas metro ranks near bottom for low-income rental homes and other D-FW real estate newsNick is a real estate reporter for the Dallas Morning News. He previously worked as a digital investigative reporter at 11Alive, Atlanta's NBC affiliate. He's produced award-winning state politics coverage and feature reporting at Georgia newspapers. Nick is a graduate of Mercer University in Macon, Georgia.
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