Austin’s The Driskill hotel sold to Dallas firm

(Austin Business Journal) — Hyatt Hotels Corp. has sold The Driskill, the grande dame of downtown Austin’s hotel scene, as it moves forward with a plan to shed $2 billion worth of properties — although it will still manage the hotel that dates back to 1886.

The Chicago-based company closed the $125 million sale on April 28, it said in its latest quarterly earnings reported, released May 10. CultureMap reported the buyer was Dallas-based Woodbine Development Corp. Financial details were not disclosed.

While Hyatt (NYSE: H) might’ve sold the real estate, it will still run The Driskill — the company said in a securities filing it signed “a long-term management agreement.”

Read the full story in the Austin Business Journal

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