MK Structures Sale of Hyatt Regency Austin, Texas, on Behalf of Hyatt Hotels Corporation
DALLAS, TX, October 12, 2005. Molinaro Koger announced today their role as advisor to Hyatt Hotels Corporation in the sale of the Hyatt Regency Austin, Texas, to Fairfield Residential LLC. The four-star, 446-room hotel located in Austin's thriving central business district will continue to be managed by Hyatt Hotels Corporation following the sale.
"The hotel provided a compelling investment opportunity given its strategic location within the central business district, fronting Town Lake and close to Austin's recently expanded convention center," said Mark Rome, Senior Vice President in Molinaro Koger's Dallas office.
"The purchaser was particularly motivated by the combination of the hotel's upscale facilities, solid business drivers and the potential upside in the excess real estate included with the hotel purchase," said Mr. Rome.
"Fairfield Residential plans to complete a substantial renovation of the hotel's guest rooms and public spaces in accordance with Hyatt's requirements for elegance and guest comfort" said Mr. Rome. "Additionally the new owner is proposing to develop upscale residential units and specialty retail shops on the surplus land."
Ranked Number 1 on Forbes magazine's Best Places for Business list in 2003 and number 3 on the list in 2004, Austin is anchored by a high quality of life, temperate climate and a diverse economy which includes government, high technology, education and classic Sunbelt expansion.
The high-rise, 17-story atrium Hyatt Regency Austin enjoys direct frontage on Town Lake's south shore with spectacular views and access to the popular hike/bike path along the lake. The 446-room hotel also features 18 suites, concierge service, business center, 23,210 square feet of meeting and function space, La Vista restaurant, Branchwater lounge and Perks Coffee Kiosk.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
