Strategic Hotels Snaps Up Four Seasons
- May 12, 2015
Strategic Hotels and Resorts is under contract to purchase the Four Seasons Austin Hotel for $197 million from Lodging Capital Partners and Prudential Real Estate Investors. The hotel will remain affiliated with the Four Seasons brand.
The hotel sits on 2.3 acres overlooking Lady Bird Lake in Austin’s central business district. It features 291 guest rooms, including 28 suites, 18,000 square feet of indoor meeting space, two food and beverage outlets and a 5,500-square-foot spa. Completed in 1986, the Four Seasons underwent major renovations in 2007 and 2014.
Strategic Hotels expects to close on the acquisition this month, and will initially fund the deal through existing cash balances and borrowings on its revolving credit facility.
“This is an exciting opportunity to acquire the only true luxury hotel in what is arguably our nation’s highest growth market,” Raymond Gellein, Strategic Hotels’ chairman & CEO, said in a statement. “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.”
Photo courtesy of Four Seasons Hotel Austin.