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The invest in of the historic downtown home is part of a increased approach to enhance the lodge though enhancing the enchantment of the adjacent amusement district
AUSTIN, Texas, May well 25, 2022–(Business WIRE)–Pixiu Actual Estate, Woodbine Advancement Company and a collective of Austin-based investors have obtained the capital city’s initial and most iconic lodge, The Driskill, from Hyatt Motels & Resorts.
This push launch attributes multimedia. View the comprehensive release below: https://www.businesswire.com/information/house/20220525005828/en/
Pixiu Serious Estate and Woodbine Development obtained The Driskill Resort in Austin, Texas. It was the city’s initially lodge and opened in 1886. (Photograph: Business Wire)
Woodbine Progress Company is the Dallas-based mostly authentic estate expenditure business behind many noteworthy lodge houses in Texas and outside of. Pixiu Serious Estate is component of Pixiu Investments, an financial investment business owned by Eddie Margain, co-founder of a number of ventures, which includes nearby MLS club Austin FC. Among the investor team is Bryan Sheffield, founder of Parsley Strength and fellow investor in Austin FC.
“As a place, The Driskill Lodge has been a shining star for Austinites and Texas-bound vacationers considering that it opened its doorways in 1886,” said Dupree Scovell, running husband or wife and chief expense officer at Woodbine. “As new entrepreneurs and stewards of this historic house, we’re thrilled to do the job with Hyatt, Pixiu and the local trader team, who have a popular aim of maximizing this resort and making certain its legacy for a long time to occur.”
The Driskill anchors the Sixth Street Leisure District in downtown Austin. The new ownership group is seeking to keep and elevate the charm of the 189-space luxury lodge when also supporting to stabilize and revitalize the bordering community. The team has expressed preliminary designs to spend a significant total of money, which is intended to enable spur momentum for revitalization alongside Sixth Avenue.
“We are thrilled about this important acquisition mainly because of what it represents for Austin and for Pixiu Serious Estate,” claimed Eddie Margain. “As an Austinite, I know and enjoy the historical significance of this a lot more than 130-year-old property. And, as our local community proceeds to improve, I think we will need to maintain and revitalize landmarks like The Driskill that have contributed to the generating of Austin’s distinct character and spirit.”
Margain extra: “We designed phone calls to excellent friends who have the exact interest of preserving Austin and a need to operate on a legacy job, and an remarkable group arrived jointly. Partnering with Woodbine Improvement has been an outstanding expertise they are earth-class resort operators, and they know the resort industry like none other.”
Dallas-primarily based Woodbine delivers virtually 50 many years of hospitality progress and asset administration working experience to the hotel’s possession team. The company’s portfolio of operate contains Austin’s Resort Magdalena and Hyatt Regency Misplaced Pines Vacation resort & Spa San Antonio’s Lodge Emma and Hyatt Regency Hill Country Resort & Spa Hyatt Regency Dallas and Reunion Tower and Hilton Dallas/Park Cities and lots of other attributes in the course of Texas and the United States. Woodbine specializes in creating find- and total-provider locations in city, suburban and inspiring out-of-the-way configurations as nicely as workplace/mixed-use projects – normally creating destinations men and women want to be.
Just a number of blocks from the Texas capitol, The Driskill opened its doors in 1886, rapidly turning into regarded as the Grande Dame of Austin. A confluence of opulence and luxury, the resort has been the desired destination of selection for an array of company around the a long time – for overnights, particular functions, SXSW sessions, election-night time watch events, political drink-sipping and deal-earning, weddings and engagements (potential president Lyndon B. Johnson proposed to Woman Chicken all through their 1st date, which took spot at the lodge) and a great deal more.
Although no for a longer period owners of the lodge, Hyatt Lodges & Resorts will continue on each day administration of the assets.
About Woodbine Enhancement Company
Woodbine Progress Company is a complete-service authentic estate enterprise with nearly 50 many years of development, investment, acquisition and asset administration expertise. With offices in Dallas and Phoenix, Woodbine specializes in motels, resorts and blended-use developments all over the United States. The company’s hospitality portfolio capabilities big manufacturers, impartial hotels, entire-company destinations and pick-support stays alike. Considering that 1973, Woodbine has been included in much more than $7 billion in commercial real estate projects, like the development, possession, asset management, repositioning or renovation of above 17,000 lodge rooms. To learn additional, pay a visit to www.woodbinedevelopment.com.
About Pixiu Authentic Estate
Pixiu Real Estate was started in 2010 and is comprised of an growing portfolio of serious estate attributes all around Austin and Texas. Among the the iconic properties of which Pixiu has ownership are the Littlefield and Scarbrough buildings adjacent to The Driskill. The business also has ownership in numerous other buildings downtown. Pixiu Real Estate’s dad or mum company, Pixiu Investments, is a outstanding financial commitment business based in
Austin, Texas with investments across several industries which include genuine estate, technological know-how, hospitality, electricity, and experienced athletics.
Watch supply version on businesswire.com: https://www.businesswire.com/news/dwelling/20220525005828/en/
Contacts
Amanda Fier, Hiebing for Woodbine Enhancement Company
512.643.2172, [email protected]
Matt Loweree for Pixiu Investments
512.305.3399, [email protected]
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