US-based lodging real estate investment trust Host Hotels & Resorts has acquired absolute ownership of Hyatt Regency Austin in Texas.
The purchase price is valued at around $161m in cash.
Under a long-term management agreement, Hyatt will carry on managing the 448-room hotel.
The 670,000ft2 waterfront property is situated on nearly six acres along Lady Bird Lake and near the city’s South Congress District.
It is located in close proximity to the Austin Convention Center, Congress Ave Bridge and Zilker Park.
The hotel’s rooms and its meeting space were renovated and expanded in 2015 followed by refurbishment in 2018.
It features 45,000ft2 of meeting space including two ballrooms, two food and beverage outlets, an outdoor pool, as well as a fitness centre.
Host Hotels & Resorts president and CEO James Risoleo said: “As travel resumes, we expect the well-located Hyatt Regency Austin to benefit from a strong rebound led by Austin’s multiple leisure and business demand drivers that are anchored in world-renowned music festivals, sporting events and blue-chip corporations.
“Additionally, we are encouraged by the reported contraction in Austin’s hotel construction pipeline relative to pre-pandemic levels and by the market’s significantly lower hotel operating costs compared to other markets.
“We expect this acquisition to raise our EBITDA growth profile, while positively enhancing our geographic diversification by adding a market with a thriving economy and a young and vibrant population.”