The obtain of the historic downtown assets is section of a larger prepare to boost the hotel although improving the attractiveness of the adjacent amusement district
AUSTIN, Texas, May possibly 25, 2022–(Organization WIRE)–Pixiu Authentic Estate, Woodbine Enhancement Company and a collective of Austin-based buyers have acquired the funds city’s 1st and most legendary resort, The Driskill, from Hyatt Hotels & Resorts.
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Pixiu Genuine Estate and Woodbine Progress acquired The Driskill Hotel in Austin, Texas. It was the city’s initial lodge and opened in 1886. (Photograph: Company Wire)
Woodbine Improvement Company is the Dallas-dependent actual estate financial commitment agency guiding quite a few noteworthy resort houses in Texas and further than. Pixiu Real Estate is section of Pixiu Investments, an investment agency owned by Eddie Margain, co-founder of a number of ventures, which include nearby MLS club Austin FC. Among the trader group is Bryan Sheffield, founder of Parsley Power and fellow trader in Austin FC.
“As a place, The Driskill Hotel has been a shining star for Austinites and Texas-bound travelers considering that it opened its doors in 1886,” stated Dupree Scovell, managing spouse and main financial commitment officer at Woodbine. “As new owners and stewards of this historic property, we’re excited to work with Hyatt, Pixiu and the nearby trader team, who have a typical intention of enhancing this lodge and making sure its legacy for decades to come.”
The Driskill anchors the Sixth Street Amusement District in downtown Austin. The new ownership group is hunting to keep and elevate the appeal of the 189-place luxury resort while also aiding to stabilize and revitalize the bordering community. The team has expressed original designs to invest a substantial sum of capital, which is supposed to enable spur momentum for revitalization along Sixth Road.
“We are thrilled about this crucial acquisition for the reason that of what it signifies for Austin and for Pixiu Actual Estate,” said Eddie Margain. “As an Austinite, I know and value the historical significance of this a lot more than 130-calendar year-old residence. And, as our group continues to improve, I believe we need to protect and revitalize landmarks like The Driskill that have contributed to the generating of Austin’s distinct character and spirit.”
Margain additional: “We designed calls to great good friends who have the exact same curiosity of preserving Austin and a need to operate on a legacy job, and an wonderful group came with each other. Partnering with Woodbine Advancement has been an outstanding experience they are entire world-class hotel operators, and they know the lodge industry like none other.”
Dallas-primarily based Woodbine delivers virtually 50 several years of hospitality development and asset administration experience to the hotel’s ownership group. The company’s portfolio of perform includes Austin’s Resort Magdalena and Hyatt Regency Shed Pines Vacation resort & Spa San Antonio’s Resort Emma and Hyatt Regency Hill Place Resort & Spa Hyatt Regency Dallas and Reunion Tower and Hilton Dallas/Park Metropolitan areas and lots of other qualities all over Texas and the United States. Woodbine specializes in producing select- and entire-provider places in urban, suburban and inspiring out-of-the-way settings as properly as business office/combined-use jobs – usually building destinations folks want to be.
Just a handful of blocks from the Texas capitol, The Driskill opened its doors in 1886, immediately getting to be identified as the Grande Dame of Austin. A confluence of opulence and luxurious, the resort has been the vacation spot of preference for an array of visitors over the years – for overnights, exclusive activities, SXSW classes, election-night time observe functions, political drink-sipping and offer-creating, weddings and engagements (long run president Lyndon B. Johnson proposed to Girl Bird for the duration of their initial day, which took position at the resort) and much a lot more.
Though no more time entrepreneurs of the hotel, Hyatt Motels & Resorts will carry on day by day management of the home.
About Woodbine Improvement Company
Woodbine Advancement Company is a whole-support true estate corporation with just about 50 several years of development, investment, acquisition and asset administration working experience. With offices in Dallas and Phoenix, Woodbine specializes in accommodations, resorts and blended-use developments all over the United States. The company’s hospitality portfolio characteristics major brand names, unbiased resorts, complete-services locations and decide on-service stays alike. Considering the fact that 1973, Woodbine has been involved in extra than $7 billion in industrial genuine estate assignments, together with the enhancement, possession, asset administration, repositioning or renovation of about 17,000 hotel rooms. To master much more, pay a visit to www.woodbinedevelopment.com.
About Pixiu True Estate
Pixiu Serious Estate was launched in 2010 and is comprised of an increasing portfolio of serious estate houses all over Austin and Texas. Amongst the legendary houses of which Pixiu has possession are the Littlefield and Scarbrough properties adjacent to The Driskill. The firm also has ownership in a number of other properties downtown. Pixiu True Estate’s mother or father business, Pixiu Investments, is a prominent investment company centered in Austin, Texas with investments throughout many industries together with actual estate, technological innovation, hospitality, electricity, and experienced sports.
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Contacts
Amanda Fier, Hiebing for Woodbine Development Corporation
512.643.2172, [email protected]
Matt Loweree for Pixiu Investments
512.305.3399, [email protected]