The historic Purse Building at 601 Elm Street offers preserved architectural character, flexible redevelopment potential, and a highly walkable location in Downtown Dallas. Its scale, visibility, and historic presence make it a compelling boutique hotel conversion opportunity as tourism and convention activity continue to strengthen.
-- The historic Purse Building at 601 Elm Street is being offered for sale, presenting one of the most compelling boutique hotel conversion opportunities in Downtown Dallas at a time of accelerating convention activity and rising tourism demand.
Built in 1905, the six‑story landmark offers architectural authenticity, preserved historic character, and a highly walkable location within the city’s commercial, civic, and entertainment districts. Its scale and presence make it well suited for a boutique hospitality concept as travelers increasingly favor distinctive, experience‑driven accommodations over standardized hotel environments.
Dallas welcomes more than 27 million visitors annually, generating an $8 billion tourism economy, according to Visit Dallas. Future demand is expected to strengthen further, with 30 major conventions already secured between 2029 and 2040 and more than 70 additional conventions currently under discussion. This growth is driven in part by the $3 billion redevelopment of the Kay Bailey Hutchison Convention Center, scheduled for completion in 2028, which is anticipated to significantly increase overnight visitation and hotel demand in the downtown core.
At the same time, new data from Downtown Dallas, Inc. highlights sustained residential growth, expanding restaurant and retail activity, and strengthening economic fundamentals reinforcing Downtown Dallas as a 24‑hour destination with increasing need for unique hospitality offerings.
This convergence of convention demand, tourism strength, and downtown growth has created a unique window for hospitality investment. Properties with historic character and walkable locations are increasingly sought after by operators looking to differentiate their offerings and meet the rising expectations of visitors seeking memorable, experience‑driven stays.
“The Purse Building already has what new construction cannot replicate: history, character, and presence,” said Tanya Ragan, CEO of Wildcat Management. “As Downtown Dallas continues to attract global attention and investment, this building represents a rare opportunity for a buyer to create a boutique hotel that stands apart.”
Wildcat Management is offering the Purse Building for acquisition and invites qualified hotel operators, developers, and investors to explore the opportunity to reposition one of Downtown Dallas’ most recognizable historic structures into a defining hospitality destination.
For sale inquiries or to schedule a private tour, contact Wildcat Management at mmoreno@wildcatmanagement.net or 214‑758‑0348.
About the company: Wildcat Management is a Dallas-based real estate development and investment firm led by Tanya Ragan, recipient of the 2024 Texas ICON Legacy Award by REDnews and recognized by GlobeSt. as one of the Women of Influence in Commercial Real Estate. The firm specializes in revitalizing urban communities through placemaking, sustainability, and visionary design. Wildcat's portfolio includes transformative projects such as The Purse Building and 1823 Cadiz Street, which reflect a commitment to preserving architectural heritage while advancing modern growth across North Texas.
Contact Info:
Name: Monica Moreno
Email: Send Email
Organization: Historic Purse Building
Address: 601 Elm St, Dallas, TX 75202
Phone: (214) 758-0348
Website: http://pursebuildingdallas.com/
Video URL: https://youtu.be/O6QW5ISmTos?si=5Nz1DRtAQRkCslC9
Release ID: 89183636
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