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Old Posted Apr 26, 2012, 3:11 AM
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Financing secured, 'all systems are go' for downtown Austin convention hotel
By Shonda Novak
AMERICAN-STATESMAN STAFF
Published: 9:30 p.m. Wednesday, April 25, 2012


Quote:
White Lodging Services Corp. has financing in place for its $275 million, 33-story upscale convention hotel planned along Congress Avenue and is preparing for a June launch for the project.

A top company executive provided new details about the project — one of largest developments in downtown Austin's history — in an exclusive interview with the American-Statesman.

On June 15, crews are expected to start work to relocate underground utilities at the site on Congress Avenue between Second and Third streets, said Deno Yiankes, president and CEO of investments and development for White Lodging, a hotel development, ownership and management company based in Merrillville, Ind.

White Lodging is aiming for an Aug. 1 start for construction on a three-story underground parking garage with 458 spaces that will take nine to 10 months to build, followed by construction of the hotel, a JW Marriott with 1,012 rooms, up from 1,003 previously planned. The project's cost could go as high as $300 million, Yiankes said.

"We're going to go as fast as the city can give us permits," Yiankes said. "All systems are go."

The hotel will be the largest hotel White Lodging has built and its most "dramatic architecturally," he said.

The JW Marriott will generate 2,500 construction jobs during its two-year construction and create 750 permanent jobs with an average wage of $38,000 a year once it opens in early 2015, Yiankes said

...

Read More: http://www.statesman.com/business/re...e=rss_business


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