Hyatt acquires historic Driskill Hotel

Hyatt acquires historic Driskill Hotel

Credit: Rebekah Hood / KVUE.com

Hyatt acquires historic Driskill Hotel

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by KVUE.com

kvue.com

Posted on March 8, 2013 at 3:18 PM

Updated Friday, Mar 8 at 3:48 PM

AUSTIN -- The historic Driskill Hotel will soon be under new management.

On Friday Hyatt Hotels Corporation announced that it acquired the 189-room hotel from an investment firm for $85 million.

Officials with Hyatt say the hotel will still be known as The Driskill, but will be under the umbrella of Hyatt Hotels and Resorts. The Driskill will undergo a two-year renovation, which will cost about $8 million.

“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 Senior Vice President of North American Development and Real Estate for Hyatt David Tarr. “We are excited to have the opportunity to continue the tradition of hospitality that Lowe Enterprises and Destination Hotels & Resorts have been providing at The Driskill Hotel during their ownership and management of this special property.”

The Driskill was named a national historic landmark in 1969. It was built in 1886. For more information on the acquisition click here.

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