White Annouces Hotel Project in Austin

1,000 Room $185 Million Hotel Project Announced

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. October 14, 2008

AUSTIN, TX, July 224, 2006. White Lodging Services to Bring 1,000 New Rooms and Three Leading Brands to Downtown Austin With $185-Million Project

White Lodging Services Corporation has announced plans to develop a 1,000-room, $185-million hotel project in downtown Austin, bringing together three leading brands in the largest hotel development in Austin's history.

Located on Congress Avenue between 2nd and 3rd streets, two blocks from the Austin Convention Center, the major hotel development will feature a 650-room, full-service Marriott convention center hotel, a 200-room upscale, boutique Renaissance Hotel and a 150-room all-suite Springhill Suites by Marriott.

The project is scheduled to open in Summer 2009 and will incorporate 26 stories of total construction, approximately 50,000 square feet of meeting space including two ballrooms (24,000 sf and 14,500 sf) and 18 additional meeting rooms, street-level retail on 2nd Street, up to five food and beverage outlets and an underground parking garage with 500 spaces.

"White Lodging is extremely excited about developing Austin's largest hotel project to date, and it illustrates our ongoing commitment to the city and our intent to be here well into the future," said Deno Yiankes, White Lodging Services President and COO, Development and Asset Management. "We believe that adding 1,000 upscale hotel rooms to the downtown market will help attract additional convention business to Austin, enabling the city to compete more effectively with other convention destinations."

At full staffing, the three hotels combined will add 600 new, full-time jobs to the Austin market, doubling the number of associates currently employed by White Lodging in Austin. The hotels will generate more than $2.0 million annually in property tax and in excess of $4.0 million annually in bed tax for the City.

"The interest in capital investment in downtown Austin is currently at an all-time high, and our industry is also enjoying a strong economic period," said Bob Lander, President and CEO, Austin Convention & Visitors Bureau. "This project, anchored by three of Marriott's leading brands, will certainly produce more demand for our city. With White Lodging, we have a strong partner in marketing Austin, and we applaud their continued confidence in the future of downtown."

White Lodging, already Austin's largest hotel owner/operator, currently operates 16 hotels in the Austin market including the Marriott Austin South and three hotels opening this fall -- the combined 450-room Residence Inn and Courtyard Downtown featuring Champions Sports Bar, located adjacent to the convention center, and the Courtyard by Marriott Airport. In addition to the 16 hotels, White Lodging's Western Division offices are also headquartered in Austin.