Tuesday, March 12, 2013

Lowe Enterprises Sells Austin Hotel to Hyatt for $85M




National Commercial Real Estate News From CoStar Group





Lowe Enterprises Sells Austin Hotel to Hyatt for $85M



An investment fund managed by Lowe Enterprises Investors sold the 189-room Driskill Hotel in Austin’s central business district to an affiliate of Hyatt Hotels Corp. (NYSE:H) for nearly $85 million or $449,735 per room.

Great American Life Insurance and Brothers Property Corp. sold the asset to Lowe Enterprises for more than $53 million in late 2005.

Hyatt will maintain the Driskill name under its hotels and resorts umbrella.

Built in 1886...






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