After selling for $130M, Austin Radisson schedules $75M makeoverAfter selling for $130M, Austin Radisson schedules $75M makeoverhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=130972016-05-05T05:00:00Z2016-05-05T20:40:00Z

​​AUSTIN - ​​The new owners of the Radisson Hotel & Suites overlooking Lady Bird Lake in downtown Austin have planned a $75 million makeover for the property to transform it into one of their signature Line hotels. 

In a deal that closed May 4, the 413-room hotel, at E. Cesar Chavez and Congress Ave., sold for $130 million.

The renovated hotel will reopen as The Line Austin in spring 2018. The hotel is the only Radisson property in Austin.

"The renovation will be extensive and touch every area," said Andrew Zobler of the hotel company Sydell Group. "It will feel in every way like a brand new hotel when the work is completed."

The Line Austin will have 420 guest rooms, two restaurants, additional waterfront meeting and events spaces and amenities such as lakeside dining. ​

The Austin hotel, which was built in 1965 and expanded in 1998, currently has 180 employees, a headcount that is expected to increase once the property converts to the Line brand.

The Line Austin will be the third in the Line portfolio, after The Line Hotel in Koreatown, Los Angeles, which opened in January 2014, and The Line DC in Washington, D.C., which is set to open in early 2017.

The hotel was purchased from Forestar Group by Austin Lakeside Hotel Owner LLC.

Austin American-Statesman
Austin-Round Rock
http://www.mystatesman.com/news/business/austin-radisson-to-get-75m-makeover-become-part-of/nrHLN/Read more at the {Source}

 Search NewsTalk Texas