[BevoLJ]

http://www.bizjournals.com/austin/ne...ess+Journal%29

Council approves $4.3M incentives for downtown 1,000-room hotel
Austin Business Journal - by Cody Lyon, Staff Writer
Date: Wednesday, June 29, 2011, 1:25pm CDT - Last Modified: Wednesday, June 29, 2011, 1:28pm CDT

A planned 1,000-room Marriott Hotelon Congress Avenue inched closer to fruition Wednesday after city council members approved fee waiving $4.3 million in development fees.

The council passed the measure during a special meeting called to discuss the incentive deal, plus an agreement with Formula One race organizers. The project resurfaced this month after developer White Lodging Corp. shelved plans last year in the wake of recession.

During the council hearing Wednesday, Deno Yiankes, president and investments CEO with developer White Lodging, said his company is currently search for a marketing director for the project.

“We will go full speed ahead, $100 million in internal equity is committed,” he said. The company previously said the project would cost a total $185 million.

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