Big Hotel Project On Hold In Austin
For the last few years it's been build, build, build in growing Austin, Texas but the Austin American-Statesman reports that Austin's biggest hotel project, a planned 1,000-room Marriott on Congress Avenue has now been postponed. The $275 million project is the largest project among eight hotels had been planned for downtown. It's just one of several projects having trouble getting and keeping financing. Construction of the 26-story Marriott originally was to have started this year, was then shifted to 2009 and now there is now start date planned.
The developer, White Lodging Services Corp. had said the 1,000-room hotel would generate 600 jobs and $7 million a year in property and hotel occupancy taxes to the city. The proposed project was the subject of some controversy because it meant closing the popular Las Manitas Cafe.
The article in the Statesman reports that some developers are planning to wait a year or two until the economy improves which may mean a bumper crop of condos and hotels in 2011.
Gallery: Austin Projects