Posted 3/12/2013 - 8:07:16 AM
AUSTIN, TX—An affiliate of Hyatt Hotels Corp. purchased the 189-room Driskill Hotel here for approximately $85 million.
An investment fund managed by Lowe Enterprises Investors sold the historic property, which dates to 1886. The property will continue to be marketed as the Driskill Hotel under the umbrella of Hyatt Hotels & Resorts.
The property will undergo a two-year, approximately $8 million renovation.
The hotel, which was designated a landmark in 1969 and is on the National Register of Historic Places, is in close proximity to Austin's central business district, the Texas State Capitol and the Austin Convention Center.