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Hyatt Hotels Corp. Buys Hyatt Regency in Austin, Texas.(Originated from Austin American-Statesman, Texas)
Knight Ridder/Tribune Business News, June, 1996 by Tyson, Kim
Jun. 21--The Hyatt Regency Austin has been purchased by Hyatt Hotels Corp., which has managed the 448-room hotel since it was built in 1981.
The Redstone Group, a Dallas-based investment company, bought the Hyatt from a California lender in 1991 and has completed a $5 million renovation.
The Hyatt is just west of South Congress Avenue on the south shore of Town Lake.
According to deed records, a partnership formed by Hyatt, HT-Austin Inc. bought the hotel from Lakeshore Hotel Property Inc. six weeks ago. The purchase price was not disclosed.
Steve Van, president of Redstone Hotel Properties, a part of the Redstone Group, said the company sold the hotel because of its "business philosophy."
"We bought it at the bottom of the market, and...
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