Pixiu Real Estate, Woodbine Development Corp and a collective of Austin-based investors have acquired the The Driskill from Hyatt Hotels & Resorts. The property dates back to 1886.
Woodbine Development is the Dallas-based real estate investment firm behind many hotel properties in Texas. Pixiu Real Estate is part of Pixiu Investments, an investment firm owned by Eddie Margain, co-founder of several ventures, including local MLS club Austin FC. Among the investor group is Bryan Sheffield, founder of Parsley Energy and fellow investor in Austin FC.
“As new owners and stewards of this historic property, we’re excited to work with Hyatt, Pixiu and the local investor group, who have a common goal of enhancing this hotel and ensuring its legacy,” said Dupree Scovell, managing partner and chief investment officer at Woodbine, in a statement.
The Driskill anchors the Sixth Street Entertainment District in downtown Austin. The new ownership group is looking to maintain and elevate the 189-room luxury hotel while also helping to stabilize and revitalize the surrounding neighborhood. The group has expressed initial plans to invest a substantial amount of capital to help spur momentum for revitalization along Sixth Street.
“We are thrilled about this important acquisition because of what it represents for Austin and for Pixiu Real Estate,” Margain said. “As an Austinite, I know and appreciate the historical significance of this more than 130-year-old property. And, as our community continues to grow, I believe we need to preserve and revitalize landmarks like The Driskill that have contributed to the making of Austin’s distinct character and spirit. Partnering with Woodbine Development has been an incredible experience; they are world-class hotel operators, and they know the hotel industry like none other.”
Dallas-based Woodbine’s portfolio of work includes Austin’s Hotel Magdalena and Hyatt Regency Lost Pines Resort & Spa; San Antonio’s Hotel Emma and Hyatt Regency Hill Country Resort & Spa; Hyatt Regency Dallas and Reunion Tower; and the Hilton Dallas/Park Cities.
While no longer owners of the hotel, Hyatt Hotels & Resorts will continue daily management of the property.