Pixiu Real Estate and Woodbine Development Acquire The Driskill Hotel
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The obtain of the historic downtown home is section of a bigger approach to increase the resort whilst improving the appeal of the adjacent amusement district
AUSTIN, Texas, May 25, 2022–(BUSINESS WIRE)–Pixiu True Estate, Woodbine Growth Corporation and a collective of Austin-based traders have acquired the funds city’s initial and most iconic lodge, The Driskill, from Hyatt Hotels & Resorts.
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Pixiu Authentic Estate and Woodbine Enhancement acquired The Driskill Resort in Austin, Texas. It was the city’s to start with hotel and opened in 1886. (Image: Business Wire)
Woodbine Advancement Corporation is the Dallas-dependent genuine estate expenditure firm guiding lots of notable resort houses in Texas and outside of. Pixiu Real Estate is element of Pixiu Investments, an expense agency owned by Eddie Margain, co-founder of quite a few ventures, such as nearby MLS club Austin FC. Amongst the investor team is Bryan Sheffield, founder of Parsley Vitality and fellow trader in Austin FC.
“As a place, The Driskill Hotel has been a shining star for Austinites and Texas-certain travelers due to the fact it opened its doors in 1886,” explained Dupree Scovell, running companion and chief financial commitment officer at Woodbine. “As new homeowners and stewards of this historic house, we’re fired up to function with Hyatt, Pixiu and the local investor team, who have a widespread purpose of boosting this lodge and ensuring its legacy for yrs to appear.”
The Driskill anchors the Sixth Road Amusement District in downtown Austin. The new ownership group is hunting to preserve and elevate the charm of the 189-home luxury hotel when also helping to stabilize and revitalize the encompassing community. The group has expressed original programs to commit a substantial total of cash, which is intended to assistance spur momentum for revitalization alongside Sixth Road.
“We are thrilled about this critical acquisition because of what it signifies for Austin and for Pixiu Serious Estate,” explained Eddie Margain. “As an Austinite, I know and recognize the historic significance of this more than 130-12 months-aged assets. And, as our neighborhood carries on to expand, I consider we will need to maintain and revitalize landmarks like The Driskill that have contributed to the earning of Austin’s unique character and spirit.”
Margain extra: “We produced calls to very good close friends who have the exact same desire of preserving Austin and a motivation to get the job done on a legacy task, and an astounding team came collectively. Partnering with Woodbine Progress has been an outstanding expertise they are entire world-class hotel operators, and they know the lodge industry like none other.”
Dallas-primarily based Woodbine delivers just about 50 several years of hospitality development and asset management practical experience to the hotel’s ownership team. The company’s portfolio of function involves Austin’s Resort Magdalena and Hyatt Regency Misplaced Pines Resort & Spa San Antonio’s Lodge Emma and Hyatt Regency Hill Region Vacation resort & Spa Hyatt Regency Dallas and Reunion Tower and Hilton Dallas/Park Towns and numerous other properties through Texas and the United States. Woodbine specializes in producing choose- and total-support places in urban, suburban and inspiring out-of-the-way settings as perfectly as business office/mixed-use jobs – always generating destinations persons want to be.
Just a couple of blocks from the Texas capitol, The Driskill opened its doors in 1886, promptly turning out to be acknowledged as the Grande Dame of Austin. A confluence of opulence and luxury, the hotel has been the destination of option for an array of visitors around the yrs – for overnights, distinctive activities, SXSW classes, election-evening look at get-togethers, political consume-sipping and offer-creating, weddings and engagements (upcoming president Lyndon B. Johnson proposed to Girl Hen for the duration of their initial date, which took area at the lodge) and much much more.
Even though no lengthier house owners of the hotel, Hyatt Motels & Resorts will continue on each day management of the home.
About Woodbine Growth Corporation
Woodbine Improvement Corporation is a total-support true estate business with just about 50 several years of progress, expense, acquisition and asset management practical experience. With offices in Dallas and Phoenix, Woodbine specializes in motels, resorts and combined-use developments through the United States. The company’s hospitality portfolio options main makes, impartial inns, entire-service destinations and select-services stays alike. Considering the fact that 1973, Woodbine has been involved in more than $7 billion in commercial true estate jobs, which include the growth, ownership, asset administration, repositioning or renovation of about 17,000 lodge rooms. To discover extra, stop by www.woodbinedevelopment.com.
About Pixiu Actual Estate
Pixiu Actual Estate was started in 2010 and is comprised of an increasing portfolio of real estate houses all over Austin and Texas. Between the legendary houses of which Pixiu has ownership are the Littlefield and Scarbrough properties adjacent to The Driskill. The firm also has possession in quite a few other properties downtown. Pixiu Serious Estate’s mum or dad organization, Pixiu Investments, is a distinguished investment company based in Austin, Texas with investments across several industries together with actual estate, technologies, hospitality, vitality, and expert sports activities.
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Contacts
Amanda Fier, Hiebing for Woodbine Advancement Company
512.643.2172, [email protected]
Matt Loweree for Pixiu Investments
512.305.3399, [email protected]
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