Hyatt Hotels Corp. announced on Friday that an affiliate closed the purchase of the 189-room The Driskill Hotel, located in Austin, Texas, for US$85 million from an investment fund managed by Lowe Enterprises Investors.
Hyatt Hotels Corp., Chicago, said the hotel will continue to be marketed as The Driskill Hotel under the umbrella of Hyatt Hotels & Resorts. The hotel will undergo a two-year, approximately US$8 million renovation of historic hotel, which was built in 1886.
“Our investment in this hotel, which has a highly visible and long-standing presence in a vibrant market, is a great example of Hyatt’s willingness and ability to apply our capital to increase our brand presence in key locations for our guests. Austin has a diverse economy driven by technology, the state capitol, and the University of Texas, and is a rapidly growing tourism and convention market,” said David Tarr, senior vice president of North American development and real estate for Hyatt.