AUSTIN | Fairmont Hotel | 595 FEET SPIRE/456 FT ROOF | 37 FLRS | Complete - Page 9

Downtown_Austin · #**161** Posted **May 30, 2012, 8:00 PM**

Quote:

Originally Posted by ATXboom

This operator agreement will allow them to pre book room nights in advance. This is how JW secured financing. They booked ~20K room nights out in 2015/16. I never realized that was how comvention hotels primarily obtain financing. It the same as a condo developer pre selling 50% of the units.

Wow... that's interesting to know. Makes sense.

Spaceman · #**162** Posted **May 31, 2012, 2:55 AM**

Hate to sound dumb, it comes easily, but is this the Manchester?

BevoLJ · #**163** Posted **May 31, 2012, 3:27 AM**

Yep, spaceman.

@ATXboom.. that makes sense. Thanks. Hopefully things will move quicker for them now, and they make the Spring groundbreaking next year. =)

Jdawgboy · #**164** Posted **May 31, 2012, 1:09 PM**

Quote:

Originally Posted by BevoLJ

Yep, spaceman.

@ATXboom.. that makes sense. Thanks. Hopefully things will move quicker for them now, and they make the Spring groundbreaking next year. =)

Ugh, have to wait 10 more months

So much for that late summer groundbreaking.

BevoLJ · #**165** Posted **May 31, 2012, 8:55 PM**

Ya. I remember it was supposed to break ground before the JW. Earlier the JW was supposed to break ground near the end of the year and the Fairmont this summer. Now the JW is about to break ground and the Fairmont is pushed to next spring.

the Genral · #**166** Posted **Jun 1, 2012, 12:39 AM**

But both are scheduled for completion in 2015.

austlar1 · #**167** Posted **Jun 2, 2012, 10:14 PM**

Quote:

Originally Posted by ATXboom

This operator agreement will allow them to pre book room nights in advance. This is how JW secured financing. They booked ~20K room nights out in 2015/16. I never realized that was how comvention hotels primarily obtain financing. It the same as a condo developer pre selling 50% of the units.

So you are saying that a proposed 1000 room hotel can sell out a total of 20 nights in advance and get several hundred million in construction financing? I suspect there are a few other factors at play in a decision of that magnitude.

BevoLJ · #**168** Posted **Jun 2, 2012, 10:17 PM**

I do remember that the JW has said it already has quite a few very large conventions lined up. I can't remember first reading that before or after it was announced that JW would be operating it.

austlar1 · #**169** Posted **Jun 2, 2012, 11:26 PM**

Quote:

Originally Posted by BevoLJ

I do remember that the JW has said it already has quite a few very large conventions lined up. I can't remember first reading that before or after it was announced that JW would be operating it.

White Lodging was a lot further along towards obtaining financing than Manchester project. Don't forget they have been putting their project together for many years. Also, it was always known that Marriott was going to be the operator. Marriott and White Lodging have a long standing working relationship here in Austin and elsewhere.

I still think it is a matter of timing. The Manchester project may well be built, but it won't get built and open in the same year (or maybe even two or three years) as the JW. That is just too many rooms at one time. It doesn't help financing prospects that the latest economic news suggests a new slow down is a real possibility. We are lucky to have the JW actually about to break ground. Once that starts, I don't think it will get delayed unless things get really, really rough.

priller · #**170** Posted **Aug 20, 2012, 3:20 AM**

Alright, it's been a long time since I've tried this, very rusty at the ol' SketchUp, but I decided to try working on some models of new projects.

This first one is the Fairmont Hotel next to the convention center. This is just a bare-bones model, no textures and not too much detail. Just wanted to get an idea what it would look like on the skyline, using Google Earth.

The model is sized based on Kevin's info in the Fairmont thread, 554' to the main roof, 600' to the top. Just guessed on the spire.

This is from I-35 and Riverside, going north:

From Congress bridge:

From S. Congress:

From Lamar pedestrian bridge:

From 11th and I-35:

From east side (Progress Coffee):

View from top of Omni hotel:

BevoLJ · #**171** Posted **Aug 20, 2012, 5:10 AM**

OMG! That is wonderful!

Thank you so much.

the Genral · #**172** Posted **Aug 20, 2012, 11:27 PM**

That's freakin awesome Priller!! What a huge skyline enhancer this is going to be. I love it!

Downtown_Austin · #**173** Posted **Aug 21, 2012, 1:52 PM**

Priller, your sketchups are awesome! Hopefully you'll upload to the 3D Warehouse!

KevinFromTexas · #**174** Posted **Aug 21, 2012, 6:14 PM**

Those look great. Man, I hope that building gets built.

shanny · #**175** Posted **Aug 23, 2012, 10:48 PM**

priller, could you show the view from barton creek mall?

DougRockstead · #**176** Posted **Sep 30, 2012, 6:11 PM**

Thanks for loading these Priller! I used to look forward to your mock-ups. I haven't seen any in what feels like years.
I wish there was more news on this building. Talk has been almost non-existant which worries me.

Jdawgboy · #**177** Posted **Oct 1, 2012, 4:38 PM**

Quote:

Originally Posted by DougRockstead

Thanks for loading these Priller! I used to look forward to your mock-ups. I haven't seen any in what feels like years.
I wish there was more news on this building. Talk has been almost non-existant which worries me.

Im not worried about this tower. It will be built. What with what im hearing that I am not allowed to say cause I swore I would not, I think we are in good shape for this hotel as well as more.

KevinFromTexas · #**178** Posted **Oct 1, 2012, 6:40 PM**

I think we're good, too. Texas cities are in the process of updating and expanding their convention facilities right now. San Antonio is planning a $300 million expansion to their convention center that will make it one of the 10 largest convention centers in the US. Houston is planning a new ~34-story 1,000 room hotel in downtown adjacent to its convention center. Last year, Dallas put the finishing touches on its new 23-story 1,000 room convention hotel. In 2009, Fort Worth completed its 34-story 604 room convention hotel. So there's definitely a boom going on in the convention industry in Texas.

MightyYoda · #**179** Posted **Oct 1, 2012, 7:12 PM**

I think the fact that while starting construction on the Marriott, finishing the Hyatt, the same group is already planning another one a few blocks away tells you all you need to know. People aren't in the game of speculation anymore, or at least to a lesser degree. Austin is severely behind in both hotels and apartment rentals downtown.

Heck, we are about to be behind in condos. Last estimates I saw showed basically every condo except those in the Austintonian being sold out in 2 years. That means that construction of new ones would have to start now to avoid that.

If I was the water treatment plant developers, I would be switching everything back to Condos because you need to look 3 years out since they have to do the road construction and such. Now apartments are still a safe bet I would think 3 years out, but the way things look currently, there will be little competition for condos in that time frame.

Jdawgboy · #**180** Posted **Oct 2, 2012, 7:46 PM**

Id bet we will see the Austonian fill up faster than that with all the rich Formula 1 fans showing up.

Also I wonder what the city plans to do about future convention expansion. If our neighbor to the south is expanding theirs, you would think the city is looking at that closely. I am not sure how they can expand the current one.