November 29, 2022

Hyatt Regency Austin hotel acquired for $161 million

The 448-room Hyatt Regency Austin overlooking Lady Bird Lake has changed hands. Bethesda, Md.-based Host…

Hyatt Regency Austin hotel acquired for 1 million
Hyatt Regency Austin hotel acquired for 1 million

The 448-room Hyatt Regency Austin overlooking Lady Bird Lake has changed hands.

Bethesda, Md.-based Host Hotels & Resorts said it purchased the hotel for about $161 million in cash. The acquisition came ahead of a planned foreclosure auction of the property, Host Hotels said. Host Hotels is the nation’s largest real estate investment trust in the lodging sector.

The hotel’s previous owner is listed as Tantallon Austin Hotel LLC by the Travis Central Appraisal District. The appraisal district valued the property at $90.8 million in 2020, down from $96.9 million in 2019.

The hotel industry has been among the sectors of the economy hit hardest by the coronavirus pandemic. Host Hotel’s purchase price reflects a 20{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} to 25{d54a1665abf9e9c0a672e4d38f9dfbddcef0b06673b320158dd31c640423e2e5} discount relative to pre-COVID-19 pricing based on the sales of three comparable Austin hotels between 2014 and 2019, Host Hotels said.