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Fairmont Headed to Austin with New Conference Hotel
5/30/2012
TORONTO— Fairmont Hotels & Resorts (“Fairmont”) and Manchester Texas Financial Group LLC (MTFG) announced the signing of an agreement for Fairmont to manage a new city center hotel slated to open in 2015. The Fairmont Austin will be located directly east of the Austin Convention Center, at the northeast corner of Cesar Chavez and Red River Streets.
The $350 million concept will be crafted by the project’s architect, Gensler Austin. The planned number of rooms will likely be reduced from 1,035 to approximately 1,000—allowing for larger guestrooms and suites.
The 50-story hotel, which features over 70,000 square feet of function space, will rise approximately 580 feet, making it the second largest structure on downtown Austin’s skyline, which is currently dominated by the 56-story, 680-foot Austonian. The project will mark Fairmont’s second hotel in Texas and join The Fairmont Dallas, located in the heart of the Downtown Arts District.
“For over a century, Fairmont has been host to legendary meetings and special events across the globe and we are excited to bring our broad range of experience in the meetings arena to this project,” said Jennifer Fox, President, Fairmont Hotels & Resorts, in an announcement. “Austin is currently seeing tremendous interest and growth in the convention market and with its reputation as a dynamic, vibrant capital city will be a great addition to our portfolio.”
The project will generate approximately $6 million in hotel occupancy tax and contribute $4 million in annual property tax, most of which will go to the Waller Creek TIF (tax increment financing) district. It will add roughly 1,000 permanent jobs to the Austin market, not including jobs generated during the construction project.
The hotel’s design encompasses a number of green building elements and will seek LEED certification from the U.S. Green Building Council.
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