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The Westin Austin Downtown Hotel Celebrates the Completion of Structural Construction

24 Nov 2014, 6:44 pm

By Anca Gagiuc, Associate Editor

The Westin Austin Downtown Hotel that broke ground on Aug. 5 has recently celebrated the completion of its structural construction. The 20-story, 366-room hotel located on the northeast corner of East Fifth Street and San Jacinto Boulevard is scheduled to be finalized by June 2015.

The development is a partnership between White Lodging Services Corporation, the Harry Whittington family, and REI Real Estate Services, LLC. White Lodging will manage the hotel once it’s completed, becoming the company’s 21st hotel in the Austin area.

“It’s very exciting to bring the Westin brand into the heart of downtown market,” says Alison Berg, the hotel’s director of sales and marketing. “With the Westin brand and our prime location, we are poised for success and have been overwhelmed with the reception from the community, our customers and the city.”

The hotel’s special features include elegant ballrooms for social events, rooftop pool and bar located on the development’s 20th story. An American regional kitchen and bar committed to local, artisan ingredients is part of the offering, placed in a contemporary eclectic design. Furthermore, the hotel will have a fitness center and 15,000 square feet of meeting and banquet space.

“White Lodging has more hotels in Austin than anywhere else in the country and we are thrilled that another property of theirs is steadily moving forward and making great progress,” says Bob Lander. “Additional inventory definitely allows us to better handle the major events that continue to stretch Austin in the area of accommodations. The new state-of-the-art Westin will enable us to continue to grow not only the leisure sector but also our meetings and conventions which remain the strongest economic backbone within our industry.”

Hyatt Acquires Full Ownership of Hyatt Regency Lost Pines Resort and Spa for $143M

14 Nov 2014, 8:40 pm

By Anca Gagiuc, Associate Editor

A Hyatt affiliate has acquired its partners’ 92 percent interest in the Hyatt Regency Lost Pines Resort and Spa near Bastrop, according to Hyatt Hotels Corporation. The price of the transaction was approximately $143 million.

The sale also includes the assumption of $65 million of property-level debt. The total price, debt included, is valued at approximately $450,000 per key.

“This transaction is consistent with our strategy to focus our investing in key areas such as resorts and group-oriented hotels,” says Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt. “The resort’s financial and operating success of this property has made it a key asset in our portfolio, and whole ownership affords us greater control of its future.”

The picturesque resort opened in 2006 and ever since has operated as Hyatt Regency Lost Pines Resort and Spa. The developer of the 491-room resort is Dallas-based Woodbine Development Corporation, which also acted as asset manager and managing general partner of Bastrop Resort Partners, the entity Woodbine formed in 2003. The other original partners were Oklahoma Publishing Co., Cook Inlet Region Inc., and Hyatt Hotels Corporation.

The property sits on 405 acres along the banks of Texas’ Colorado River. The award-winning resort offers more than 60,000 square feet of indoor meeting space and over 240,000 square feet of outdoor space sprinkled with pavilions, an amphitheater, the Wolfdancer Golf Club, Spa Django, Crooked River Water Park, and the Renegade Trailhead equestrian facility. Furthermore, guests can also benefit from the adjoining 1,100-acre McKinney Roughs Nature Park.

“Hyatt Regency Lost Pines is a sought-after destination by both leisure and group guests and has strengthened Hyatt’s presence in the Austin area, where Hyatt has a broad spectrum of lodging experiences,” Haggerty says.

Photo courtesy of Hyatt Regency Lost Pines Resort and Spa.

PS Business Parks, Inc. Acquires the 246,000-Square Foot McNeil Business Park in Austin

7 Nov 2014, 5:50 pm

By Anca Gagiuc, Associate Editor

Already the owner of 5.1 million square feet of commercial space in the state of Texas, PS Business Parks, Inc. announced the acquisition of another multi-tenant industrial building in Austin. The transaction adds another 246,000 square feet to the 2.0 million square feet the company already owns in the city.

The property, 53.3 percent occupied at the time of the sale, is contiguous to the company’s existing 279,000 square foot McNeil Business Park located at 12317 Technology Blvd. in northwest Austin. Around 140,000 square feet is available for lease. The price of the acquisition was $10.6 million and the seller was Investors Warranty of America. The seller has been represented by the CBRE Group Inc. brokerage team comprised of Mark Emerick, John Barksdale, and Darryl Dadon; they will also retain the leasing assignment with PS Business Parks.

McNeil Business Park consists of multiple buildings of light industrial and office space in close proximity to the heart of Austin’s most desirable high tech sector. Easy access to the Mopac Expressway, SH – 183, IH – 35, and SH – 45, as well as to residential housing, make McNeil Business Park an ideal location.

Photo courtesy of CBRE Group Inc

Oden Hughes Begins Second Phase of Construction on Two South Austin Communities

31 Oct 2014, 8:57 pm

By Anca Gagiuc, Associate Editor

Oden Hughes, an Austin-based multifamily developer, broke ground on the second phases of two communities in south Austin: Landmark Southpark and Landmark Double Creek. In total, 561 new apartments will be brought to the market.

“Austin’s strong job market and quality of life attracts many new residents to the city every day,” said Steve Oden, principal and co-founder of Oden Hughes. “Renters are increasingly looking at South Austin because of the area’s relative affordability compared to downtown and its close proximity to major employment centers, retail options and entertainment venues.”

The Landmark Southpark community is located near the Southpark Meadows retail center at the intersection of South First Street and Slaughter Lane and 285 units are scheduled for the second phase of construction. The multifamily development will offer one-, two- and three-bedroom units, with rents ranging from $950 to $1,800 per month starting October 2015.

The Landmark Double Creek community is located three miles south of Landmark Southpark, on the north side of Onion Creek Parkway, a project finalized in 2013 by Oden Hughes and sold to Brass Enterprises from Toronto.  That community’s 276 units are scheduled to be made available next August, offering one, two and three-bedroom units with rents ranging from $920 to $1,750 per month.

“With downtown rental rates continuing to escalate, the South Austin apartment market stays at least 95 percent occupied, because it provides more value to the budget minded luxury renter,” said Apartment Realty Advisors broker Pat Jones. “With these new projects Oden Hughes will again deliver luxury communities that appeal to renters who want to live within close proximity to downtown but want more space and amenities than downtown apartments typically provide.”

The general contractor on the projects is Oden Hughes Taylor Construction, and the management firm responsible with leasing and operations, once construction is finalized, is Oden Hughes Management.

Ryan Cos. Reveals $210 Million Corporate Project in Austin

24 Oct 2014, 5:49 pm

By Anca Gagiuc, Associate Editor

Minneapolis-based development and construction company, Ryan Cos., unveiled the impressive project it plans to develop on the south shore of Austin’s Lady Bird Lake. The Waterfront corporate development illustrates a 625,000-square-foot office development on 10 acres, west of Pleasant Valley Road.

The value of the project at built out is estimated at $210 million, reports Austin Business Journal; this is the company’s first project in Austin. The conceptual design has been handled by Austin-based STG Design and TBG Partners. It consists of three buildings overlooking the lake and the downtown skyline. A rooftop café, a dog park, food truck court, structured parking, trails, outdoor courtyards, and multiple balconies are part of the development’s design.

One interesting aspect for the investors is the size of the floorplates: building 1 will have a 45,000-square-foot floorplate, building 2 will have a 30,000-square-foot floorplate, and building 3 will have a 50,000-square-foot floorplate. The development is designed to receive Silver LEED certification.

Brokers Mark Emerick and John Barksdale from CBRE Group Inc. are marketing The Waterfront. Cypress Real Estate Advisors, an Austin- based multifamily developer, is the current owner of the site.

Photo courtesy of Ryan Companies Facebook Page

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