he landmark Driskill Hotel is now a Hyatt.
Hyatt Hotels Corp. said Friday that it has acquired the 189-room hotel at East Sixth and Brazos streets for $85 million. The hotel had an appraised value of $23.2 million last year, according to the Travis Central Appraisal District.
The luxury hotel will undergo a two-year, $8 million renovation, Hyatt officials said. The property will continue to be marketed as the Driskill Hotel, under the umbrella of Hyatt Hotels & Resorts, Hyatt officials said.
The American-Statesman had reported Thursday that a sale appeared imminent, based on evidence that included postings on Hyatt’s website for the hotel and talk among employees and the local real estate community.
“Merging the quality of service and reservation system of Hyatt with a classic historic hotel with the reputation of the Driskill makes a lot of sense,” said Randy McCaslin, vice president and practice leader for the Texas and Louisiana markets of PFK, a hospitality industry consulting firm. “The Driskill will bring a very loyal clientele to the Hyatt upscale frequent traveler program. How can you miss?”
The Driskill was previously owned by an investment fund managed by Lowe Enterprises Investors, which bought the hotel in 2005. Hyatt becomes the 14th owner of the storied property, which was built in 1886.
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