Developers of the future Fairmont Austin Hotel have secured the financing necessary for the project to break ground in November 2014. Manchester Texas Financial Group were able to secure the $370 million from Colony Capital LLC.
The downtown Austin hotel project will be located at Cesar Chavez and Red River streets and will be 37 stories with over 1,060 rooms. The entire development will be roughly 1.4 million sf and 595 feet tall, which will make it the 2nd tallest building in downtown Austin next to the 680 foot Austonian. The building will have direct access to the Austin Convention Center via an aerial walkway.
The construction will be led by Hunt Construction Group.
The hotel is expected to generate over$15 M in hotel occupancy tax revenue and over the $6M in property taxes.