Goldman Sachs Joins Austin Proper Hotel & Residences

AUSTIN, TX—The Kor Group has formed a partnership with the Merchant Banking Division of Goldman, Sachs & Co., who joins the development team as capital partner for Austin Proper Hotel & Residences.

The 33-story, 500,000-sq.-ft., mixed-use project here in downtown will be managed and branded by the lifestyle hotel operator, Proper Hospitality. It includes interior design by Kelly Wearstler; 244 rooms; multiple dining options by McGuire Moorman Hospitality; over 12,000 sq. ft. of indoor and outdoor meeting and event space; and retail.

Perched atop the hotel are 99 exclusive for-sale condominium residences and penthouses. The project is located in the GreenWater redevelopment on Block 188 in the 2nd Street District at its intersection with Nueces.

The residences and penthouses are pre-selling. Residences are currently priced from $600,000-$3,000,000 and penthouses from $3,400,000-$8,000,000. The project has received its site development permit, and construction is slated to begin Q3 2016, with the hotel opening in 2018.

Property amenities include full hotel services for both residents and guests, two roof decks with swimming pools, a full spa and fitness center, a signature lobby restaurant and lounge, a coffee shop and an elevated poolside restaurant.

The property features dedicated doormen and concierges. As an added value, owners at Austin Proper will receive exclusive privileges and benefits such as priority dining and spa reservations, preferred pricing on hotel services and accommodations for friends and family and four stories of underground parking, as well as extended benefits across all Proper Hotels.

“We are thrilled to have the world-class Goldman Sachs team join us in the development of Austin Proper Hotel & Residences. We believe they are the ideal capital partner to help us realize our vision of positioning this project as the ultimate luxury lifestyle hotel and residential offering in the Austin market,” said Brian De Lowe, president and cofounder of Proper Hospitality and Partner at The Kor Group.