May 5, 2015 – A Chicago-based company said Monday that it has a deal in place to buy the Four Seasons Austin Hotel.
Strategic Hotels and Resorts will pay $197 million for the 291-room luxury hotel, which is located at 98 San Jacinto Blvd. in downtown Austin.
Lodging Capital Partners and Prudential are the sellers.
The sale of the hotel, which will continue to remain affiliated with the Four Seasons brand, is expected to close later this month.
“This is an exciting opportunity to acquire the only true luxury hotel in what is arguably our nation’s highest growth market,” said Strategic Hotels and Resorts chairman and CEO Raymond Gellein. “As we have long stated, expanding our geographic diversity is a strategic priority. This acquisition not only achieves that, but adds yet another distinctive, high-performing property to our portfolio.
“With spectacular views of Lady Bird Lake and easy access to Austin’s central business district, convention center and popular annual events, the Four Seasons Austin is well-positioned under our ownership to deliver the city’s most distinctive luxury hotel experience.”
Strategic Hotels and Resorts owns about 20 hotels worldwide, specializing in “desirable and high-barrier-to-entry urban and resort markets.”
The Four Seasons Austin Hotel will be the company’s first hotel in Texas and its sixth property to be affiliated with Four Seasons, joining ones in Silicon Valley, Calif.; Washington, D.C.; Jackson Hole, Wyo.; and two in Scottsdale, Ariz.
The Four Seasons Austin Hotel was built in 1986 and renovated extensively in 2007 and 2014. The Travis Central Appraisal District valued the property at $147.2 million in 2015. That’s up from $106.8 million in 2014.
