Hyatt Hotels has formed a joint venture with White Lodging Services to construct and own a Hyatt Place hotel in Austin, Texas, US.

A Hyatt affiliate and a White Lodging affiliate will each own a 50% stake in the joint venture and White Lodging will operate the property under a franchise agreement with Hyatt.

Construction of the 296-room, 14-storey building, to be called Hyatt Place Austin Downtown, will commence in the third quarter of 2011. The hotel will open in 2013.

The new joint venture with Hyatt is part of White Lodging’s plan to double its current managed revenue to $1.5bn by 2015.