McWhinney Acquires the 244-Key Austin Proper Hotel in Austin Texas

USA, Denver, Colorado. October 22, 2021

McWhinney, a national real estate investment, development and management firm with expertise in commercial, multifamily, hospitality, residential and mixed-use assets, has acquired the luxurious Austin Proper Hotel in Austin, Texas.

Terms of the transaction were not disclosed.

Developed by the Kor Group, the 32-story award-winning Austin Proper Hotel & Residences opened in December 2019 and is located in the heart of downtown Austin's 2nd Street District, just steps from Lady Bird Lake and the legendary Austin City Limits music venue. Designed by iconic interior designer Kelly Wearstler, Austin Proper features 244 luxurious rooms & suites, 98 branded residences and more than 14,000 square feet of meeting & event space.

Named to the acclaimed "Hot List" and "Best New Hotels in America & Canada" for 2020 by Conde Nast Traveler, amenities at Austin Proper include a 5th-floor rooftop pool offering majestic lake views, dedicated concierge service, the full-service Verbena spa and a state-of-the art fitness center featuring Peloton bikes, Technogym equipment and Pilates Reformer machines.

Austin Proper is home to four unique restaurant concepts created by James Beard nominee McGuire Moorman Hospitality, including The Peacock Mediterranean Grill & Bar, which serves Israeli & Turkish-inspired fare, and The Mockingbird sidewalk café. Guests can unwind at the poolside restaurant La Piscina, for Ceviche & Fajitas, or stop by Goldie's Sunken Bar for an elegant cocktail in an intimate 30-seat lounge.

The hotel recently earned LEED Gold certification from the U.S. Green Building Council.

"We are thrilled to add Austin Proper to our growing Texas portfolio," said Dave Johnstone, executive vice president and chief investment officer for hospitality at McWhinney. "This new eclectic hotel has already become a top leisure destination for Austin and we look forward to welcoming more guests while continuing to deliver strong results at this fantastic luxury property."

Part of the Design Hotels global collection of independent, design-driven hotels, Austin Proper will continue to be managed and branded by Proper Hospitality. Named "Hotelier of the Year" in 2020 by Hospitality Design, Proper Hospitality has an award-winning portfolio of luxury lifestyle hotels and residences that offer uncommon luxury in distinct locations with one of a kind design, world-class amenities, original food and beverage collaborations and diverse cultural programming, including properties in Santa Monica and San Francisco, with Downtown L.A. Proper opening September 2021. New developments in the works include Miami and Portland.

"We are grateful to have partnered with Goldman Sachs Asset Management on the successful development of Austin Proper Hotel & Residences, the preeminent luxury lifestyle hotel in Austin. For its next chapter, we are thrilled for this new partnership with McWhinney, who we think will be a phenomenal steward of the hospitality asset. Our goal is to create one-of-a-kind experiences that cater to guests, travelers and the local community and we are looking forward to working with McWhinney's seasoned team to better serve our guests and community," said Brian De Lowe, co-founder and president of Proper Hospitality.

McWhinney recently topped out on the 31st floor of the 246-key Hyatt Centric Austin hotel under construction on the corner of Congress Avenue and Eighth Street. The hotel is anticipated to open in early 2022.

"The purchase of Austin Proper is a perfect complement to the Hyatt Centric hotel that will open in 2022, giving McWhinney and our investors two of the premier hotel properties in one of the hottest hospitality markets in the country," said McWhinney president and chief executive officer Ray Pittman. "We look forward to continuing to expand our development and investment portfolio throughout Texas."

Other notable hospitality projects for McWhinney include The Crawford Hotel at Denver Union Station, The Maven at Dairy Block in Denver and Great Wolf Lodge in Garden Grove, California. Last year, McWhinney opened a 297-room Hyatt Place Boston/Seaport District in Boston's Harbor waterfront.

McWhinney has a strong 30-year history of successfully investing across all real estate mixed-use asset classes including hospitality, multifamily, industrial and office in projects located in Colorado, Texas, Massachusetts, Oregon, California, Utah and Nebraska. McWhinney recently partnered with Lightning Tree Capital, LLC. to acquire and operate Kelley at Samuels Avenue, an upscale multifamily community in Fort Worth.

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