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 in downtown Dallas.
The 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 first told The Dallas Morning News in January that he increased the room count from his initially planned 250 keys after speaking with hotel chains about their needs. D Magazine reported on additional details surrounding the planned project.
“The city keeps saying they need about 5,000 rooms. I’m willing to do it,” he said.
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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.
However, Washburne said he’s been unable to get the city to talk with him about the development.
“I just need the city to engage in conversations for it,” he said.
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.”
Washburne said future plans for the district that will surround the planned hotel will come at a later date.
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.
The city paid an additional $11.3 million to settle a condemnation lawsuit and to acquire a 36,000-square-foot parcel from WFAA-TV near the campus late last month.
Washburne’s Charter DMN Holdings LP still owns roughly 3.7 acres at the site, according to the Dallas Central Appraisal District.
Washburne owns several key downtown properties, including Founder’s Square. He has pitched that property as a site for a new city hall building if Dallas leaders decide to leave its current building.