AUSTIN | Fairmont Hotel | 595 FEET SPIRE/456 FT ROOF | 37 FLRS | Complete

[ahealy]

Originally Posted by Hill Country

As in same time last year?

Yep! I feel like we've said that so so many times on here.

[MichaelB]

Originally Posted by ahealy

Yep! I feel like we've said that so so many times on here.

true that!

[TexasRE]

Originally Posted by spoonman

The Reader is a steaming turd of a paper. The paper claims to "tell it like it is", but is more biased than the SD Union-Tribune, which the Reader rails against for being biased.

The Reader should be embarrased by the lengths that they go to throw dirt on the Manchesters. I am embarrased for the Reader.

I'm not going to get into some struggle between what people think of 1 newspaper or another or the politics of either paper. The facts speak for themselves, the Manchester Group doesn't have the financing, it's that simple. Lets not read into anything other than that. As an experienced RE professional of over 40 yrs. & have dealt with the Manchester Group in my career. This project is more than stalled, if built, it'll be downsized. Any hotel that is built needs to be viable, & spending another $50-$100 million make the project as is unlikely. So what if Manchester builds a 600-room hotel instead, that is still quite a project, lets not get caught up into what should have been. Financial realities are going to dictate this project & as is, it is more than stalled or downsized.

[Jdawgboy]

The fact that not one word has come out publically is also telling. You can be sure somebody that works for Manchester has either been monitoring this thread, hearing grumblings within the industry or at least knows about the article. I may not be a real estate mogul and/or developer but if I was and by my logic, I would want to keep on top of any negative press, clear up any misconceptions and update current status. That's just my thinking.

[KevinFromTexas]

I really think most people in the industry would probably understand the logistics and problems that arise in trying to develop something. One of those issues for sure is finding financing. I don't know that I would blame the developer for having trouble securing it. This is a big project. It's high profile, it's expensive and will add greatly to the number of hotel rooms downtown has. Part of the problem of finding financing is some people could be taking a wait and see approach to how the market reacts to the new supply. I'm not completely sold on the idea that the hotel market is especially hot and healthy since there haven't been any more project announcements for a while now, and there are others waiting in the wings for financing and that are working through the permitting process. Even if Manchester was to fail at this and back out of it, I think if the market could support another hotel of this size and scope that another developer would step up, even if it takes a completely different form and happens at another location.

[LoneStarMike]

Originally Posted by KevinFromTexas

Part of the problem of finding financing is some people could be taking a wait and see approach to how the market reacts to the new supply. I'm not completely sold on the idea that the hotel market is especially hot and healthy since there haven't been any more project announcements for a while now, and there are others waiting in the wings for financing and that are working through the permitting process.

Currently, Downtown has 5,700 hotel rooms (and that's if you count the Hyatt Regency and the Embassy Suites, which technically aren't downtown, but they're close enough.)

Number of Rooms/Hotel Name

800 - Hilton Convention Center
448 - Hyatt Regency
413 - Radisson
375 - Omni Hotel
361 - Sheraton at the Capitol
322 - Holiday Inn Town Lake
296 - Hyatt Place
291 - Four Seasons
270 - Marriott Courtyard
262 - Embassy Suites
254 - Hilton Garden Inn
251 - W Austin
209 - Hampton Inn Downtown
203 - Driskill Hotel
189 - Stephen F. Austin Hotel
188 - Doubletree Inn & Suites
179 - Marriott Residence Inn
151 - La Quinta at the Capitol
137 - Hampton Inn University/Capitol
101 - Extended Stay America
----------------------------------------
5,700 - total

Then you have 4 hotels that are under construction or at least have broken ground.

1012 - JW Marriott - opening Feb. 2015
326 - Hotel Van Zandt - opening March 2015
366 - Westin Austin Downtown - opening Spring 2015
298 - Holiday Inn Express/Hotel Indigo - opening (?)
---------------------------------------------------
2,002 - total

So when those 4 hotels are completed, we'll have 7,702 hotel rooms in the downtown area. That's a 35% increase over what we have now.

[lzppjb]

Two posters on shaggy that work in related fields have come out in support of this project getting done. They remain confident. One said new update in September. I guess I'll just wait to see how it plays out. I won't freak out either way right now.

[Jdawgboy]

I'm also going to hold out for the best. Despite the amount of hotels being added, Austin will still be trying to play catch up. Remember the JW is already completly booked up for large conventions through 2020. There are still several other conventions that would like to come here but need the facilities and rooms the Fairmont can provide but the other smaller hotels being built cannot. The amount of visitors, whether for business or tourism, will continue to increase rapidly and according to economist Angelo Angelous, the leisure and hospitality sector will have some of the largest and fastest growth over the next several years.

[the Genral]

The contractor putting in the electric for the Colorado Tower has won the bid for all the electrical for the Fairmont. My source is my friend who works for that company. He says he now has guaranteed work for the next three years. He thinks the only design changes were to the lobby and conference room spaces. I imagine they had to bid off an already approved design which he believes is the original. To all the ney sayers....ppppfffffffffffffffffttttttt. This thing's getting built!

[JoninATX]

I'm hoping your right. But if the only change was the lobby and conference, then the tower itself should be what was originally stated at 691ft.

[Syndic]

Aaawwww yeeeaaaaa!!!

[lzppjb]

Good news!

[the Genral]

Originally Posted by JoninATX

I'm hoping your right. But if the only change was the lobby and conference, then the tower itself should be what was originally stated at 691ft.

That's what he thinks. They bid on materials for the design Fairmont is going with. Since there doesn't seem to be an announcement of a major redesign, and a redesign in progress wouldn't have allowed bidding on the unknown in the first place, I think its safe to say that the original design with perhaps minor modifications is quite likely. From our conversations, I still feel like some of the delay is being caused by infrastructure work on Waller Creek such as shoring up the side next to where the big dig will be. There is going to be a substantially deep hole right next to the creek so you can't just start digging without some serious engineering to keep the creek from compromising the integrity of the underground portion of the tower. Even if ground breaking were tomorrow, it will be awhile before the tower rises above ground. Btw, the bid included completion of the electrical work by Sept. 2017.

[JoninATX]

It's definitely a positive sign, hopefully they can break ground next month without any more delays. But I believe your right General, the biggest issue I can see with not going forward at this time is the Waller Creek project.

[The ATX]

I'm surprised it took so long for that dark, solid wall around the site to stay free from taggers. It's an ugly mess right now. Someone with no artistic ability spray painted it with white paint all along Cesar Chavez.

[The ATX]

They already cleaned up the extensive graffiti on the fence from this weekend. Maybe they are serious about starting soon.

[Jdawgboy]

I'm feeling much better about this project moving forward. I think at this point September is the month that we should see things get going.

I've noticed bigdogc and spaceman awfully quiet.

[the Genral]

Originally Posted by Jdawgboy

I'm feeling much better about this project moving forward. I think at this point September is the month that we should see things get going.

I've noticed bigdogc and spaceman awfully quiet.

And that realtor lady in Dallas. I posted a while back that contractors couldn't bid until groundbreaking took place, in this case, when groundbreaking was imminent. The electrical workers on the Colorado are celebrating, and it isn't because they won the bid on a project that may or may not happen, but one that most certainly will. I'm willing to go so far as to predict it will be a year before she rises significantly above ground level, and late 2016 before topping out. Better late than never.

[Spaceman]

Originally Posted by Jdawgboy

I'm feeling much better about this project moving forward. I think at this point September is the month that we should see things get going.

I've noticed bigdogc and spaceman awfully quiet.

I have always wanted this hotel to be built..When has cautiousness become a negative trait? Far better chance of me using this hotel than you..That is reality

[Austinite101]

Originally Posted by Spaceman

I have always wanted this hotel to be built..When has cautiousness become a negative trait? Far better chance of me using this hotel than you..That is reality