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...