The Fairmont Austin, owned by Manchester Financial Group and Colony Capital, is on the market for a value north of $600 million. Reports indicate that if sold at its asking price, it would be the largest amount ever paid for an Austin hotel. Mortgage documents from August 2019 appraised the 1,048-room property at $610 million.
In 2022 The Fairmont generated more than $34 million in net operating income — up from about $8 million in 2021 and just shy of its pre-pandemic peak of 35$million in 2019. Occupancy rates also increased to 73% last year compared to 54% prior year during Covid-19 pandemic restrictions.
