CHICAGO
Hyatt Hotels Corporation has announced that a Hyatt affiliate has acquired the 189-room Driskill Hotel for approximately $85 million from an investment fund managed by Lowe Enterprises Investors, which was represented in the transaction by Jones Lang LaSalle’s Hotels & Hospitality Group.
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 $8 million renovation to preserve its reputation as one of the most storied hotels in Texas.
Built in 1886, The Driskill Hotel is one of downtown Austin’s most recognizable buildings and was designated a national historic landmark in 1969. The hotel’s location provides easy access to the Central Business District, the Texas State Capitol and the Austin Convention Center, as well as Austin’s cultural and entertainment activity, including the 6th Street Entertainment District, the Warehouse District and 2nd Street Retail District.
