Luxury management company Fairmont Hotels & Resorts will be the operator for a $350 million convention hotel planned for downtown, making Austin only the second Texas city to feature the famed brand, the company told the American-Statesman on Tuesday.
Fairmont said it will manage the 50-story, 1,000-room hotel for which Manchester Texas Financial Group plans to break ground early next spring, with a projected opening in 2015. Manchester will build its hotel — to be named the Fairmont Austin — on land that is now a parking lot at East Cesar Chavez and Red River streets just east of the Austin Convention Center.
At 580 feet, the hotel would be the second-tallest building in Austin’s skyline, after the 56-story Austonian.
The Austin Fairmont is expected to create 800 jobs during construction and about 1,000 permanent jobs after it opens, said Doug Manchester, president of Manchester Texas.
In addition, it is projected to generate about $6 million a year in hotel occupancy taxes and $4 million in annual property taxes, most of which will go to a special financing district that will help pay for improvements to nearby Waller Creek.
You can read the entire story from the Austin American Statesmen HERE