AUSTIN, Texas–(Small business WIRE)–May possibly 25, 2022–
Pixiu Serious Estate, Woodbine Improvement Corporation and a collective of Austin-based mostly traders have acquired the funds city’s to start with and most legendary resort, The Driskill, from Hyatt Lodges & Resorts.
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Pixiu Authentic Estate and Woodbine Development acquired The Driskill Lodge in Austin, Texas. It was the city’s 1st resort and opened in 1886. (Photo: Business enterprise Wire)
Woodbine Progress Corporation is the Dallas-primarily based true estate financial commitment company guiding many notable resort properties in Texas and past. Pixiu Genuine Estate is component of Pixiu Investments, an expenditure company owned by Eddie Margain, co-founder of a number of ventures, together with community MLS club Austin FC. Between the trader group is Bryan Sheffield, founder of Parsley Vitality and fellow investor in Austin FC.
“As a place, The Driskill Resort has been a shining star for Austinites and Texas-bound tourists because it opened its doors in 1886,” mentioned Dupree Scovell, handling husband or wife and main expense officer at Woodbine. “As new proprietors and stewards of this historic assets, we’re energized to get the job done with Hyatt, Pixiu and the neighborhood investor group, who have a popular purpose of boosting this hotel and guaranteeing its legacy for a long time to come.”
The Driskill anchors the Sixth Road Entertainment District in downtown Austin. The new ownership team is hunting to retain and elevate the enchantment of the 189-room luxury lodge even though also aiding to stabilize and revitalize the bordering community. The group has expressed original programs to devote a sizeable volume of cash, which is meant to assistance spur momentum for revitalization along Sixth Avenue.
“We are thrilled about this essential acquisition for the reason that of what it represents for Austin and for Pixiu True Estate,” said Eddie Margain. “As an Austinite, I know and recognize the historic significance of this far more than 130-year-aged home. And, as our neighborhood continues to improve, I consider we require to preserve and revitalize landmarks like The Driskill that have contributed to the creating of Austin’s distinctive character and spirit.”
Margain extra: “We created calls to great good friends who have the very same interest of preserving Austin and a desire to function on a legacy venture, and an astounding team came collectively. Partnering with Woodbine Enhancement has been an incredible experience they are earth-class lodge operators, and they know the lodge business like none other.”
Dallas-primarily based Woodbine brings nearly 50 decades of hospitality growth and asset administration expertise to the hotel’s ownership group. The company’s portfolio of function consists of Austin’s Resort Magdalena and Hyatt Regency Misplaced Pines Resort & Spa San Antonio’s Lodge Emma and Hyatt Regency Hill Country Resort & Spa Hyatt Regency Dallas and Reunion Tower and Hilton Dallas/Park Metropolitan areas and several other qualities all through Texas and the United States. Woodbine specializes in establishing decide on- and whole-provider destinations in urban, suburban and inspiring out-of-the-way options as nicely as place of work/mixed-use projects – usually creating destinations people want to be.
Just a few blocks from the Texas capitol, The Driskill opened its doors in 1886, immediately turning out to be recognised as the Grande Dame of Austin. A confluence of opulence and luxury, the lodge has been the desired destination of choice for an array of guests more than the several years – for overnights, exclusive occasions, SXSW sessions, election-night time enjoy events, political drink-sipping and deal-making, weddings and engagements (upcoming president Lyndon B. Johnson proposed to Woman Bird in the course of their to start with day, which took location at the resort) and a great deal more.
Though no extended homeowners of the hotel, Hyatt Lodges & Resorts will proceed each day administration of the property.
About Woodbine Development Company
Woodbine Improvement Company is a comprehensive-services genuine estate company with just about 50 several years of advancement, expense, acquisition and asset administration working experience. With offices in Dallas and Phoenix, Woodbine specializes in lodges, resorts and mixed-use developments throughout the United States. The company’s hospitality portfolio attributes key brands, impartial hotels, total-company locations and pick-support stays alike. Given that 1973, Woodbine has been associated in a lot more than $7 billion in professional authentic estate tasks, like the advancement, possession, asset management, repositioning or renovation of over 17,000 hotel rooms. To study a lot more, stop by www.woodbinedevelopment.com.
About Pixiu Serious Estate
Pixiu Genuine Estate was established in 2010 and is comprised of an growing portfolio of genuine estate attributes all around Austin and Texas. Among the iconic houses of which Pixiu has possession are the Littlefield and Scarbrough buildings adjacent to The Driskill. The organization also has ownership in various other buildings downtown. Pixiu Real Estate’s father or mother firm, Pixiu Investments, is a well known expense organization centered in Austin, Texas with investments throughout multiple industries such as real estate, technologies, hospitality, vitality, and experienced sporting activities.
Perspective resource model on businesswire.com:https://www.businesswire.com/information/home/20220525005828/en/
Get hold of: Amanda Fier, Hiebing for Woodbine Growth Company
512.643.2172,[email protected] Loweree for Pixiu Investments
Key word: UNITED STATES NORTH The us TEXAS
Business Key word: OTHER Vacation LODGING Locations Vacation
Source: Woodbine Growth Company and Pixiu True Estate
Copyright Enterprise Wire 2022.
PUB: 05/25/2022 12:41 PM/DISC: 05/25/2022 12:42 PM