Hyatt Puts Up $85M For Austin's Driskill Hotel

Law360, Dallas (March 11, 2013, 7:52 PM EDT) -- Hyatt Hotels Corp. on Friday closed an $85 million deal to buy Austin’s famed Driskill Hotel from an investment fund managed by Lowe Enterprises Investors and will launch a two-year, $8 million renovation of the historic downtown icon, the company said.

The 189-room hotel, built in 1886, will keep its name but will now be marketed under the umbrella of Hyatt Hotels & Resorts, and the renovations are intended to preserve the Driskill’s “reputation as one of the most storied hotels in Texas,” the Chicago-based chain...
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