Hyatt Buys Austin's Historic Driskill Hotel

AUSTIN (AP) -- The Driskill Hotel, which has been a downtown Austin fixture since 1886, has been bought by Hyatt Hotels Corp.

The Chicago-based lodging chain announced Friday that it had acquired the 189-room hotel from an investment fund managed by Lowe Enterprises Investors for a price tag of about $85 million.

In a statement issued Friday, Hyatt said the 127-year-old hotel will continue to be marketed as The Driskill Hotel under the umbrella of Hyatt Hotels & Resorts.

Hyatt also said the hotel will undergo a two-year renovation costing about $8 million renovation to, in the words of the company statement, "preserve its reputation as one of the most storied hotels in Texas."

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