Hyatt Acquires Austin's Driskill Hotel
Tuesday March 12th, 2013 - 8:07AM HG
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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.
Tags: • Hospitality • Construction/Renovation • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.