Austin City Council Approves $4.3 Million Fee Waiver Package Towards the Construction of the Marriott Marquis Convention Hotel

MERRILLVILLE, Ind., July 1, 2011 /PRNewswire/ -- White Lodging Services Corporation announced today after Austin city council approval of a $4.3 million fee waiver package that it will build a 1,003-room, 26-story Marriott Marquis in downtown Austin. With the project equity commitment already secured through internal sources and with the support of the city, the largest hotel in Austin will be developed and managed by White Lodging and owned by White Lodging affiliates. Construction is set to begin June 1, 2012 and the Marriott Marquis is scheduled to open in January 2015.

Located in the heart of downtown on Congress Avenue between 2nd and 3rd Streets, the Marriot Marquis is two blocks from the Austin Convention Center and poised to take the City of Austin to a new level in the national convention and meeting market. Plans for the hotel include 104,000 square feet of flexible meeting, banquet and exhibition space, multiple food and beverage venues, 374 underground parking spaces, and a 4,500 square foot fitness center.

"We believe this project will make a very positive statement for the City in the eyes of national meeting planners and, in turn, will induce more incremental group business to downtown Austin," said Deno Yiankes, White Lodging's President and CEO of Investments & Development. "In today's environment, a project of this scale will not get completed without the required cash equity in place and thankfully, our owners have committed the internal funds to get this project built."

A boost to Austin's economy, construction of the hotel over the next three years will generate over 500 full time construction jobs. Once completed, it is estimated that the property will employ over 700 permanent employees pushing White Lodging's total number of employees in greater Austin to over 1,300.  

Already the largest hotelier in the City, White Lodging's managed portfolio in Austin will grow to 22 properties with over 4,200 guestrooms with the opening of the Marriott Marquis. The company's other Austin properties include Courtyard by Marriott, Fairfield Inn and Suites by Marriott, Hilton Garden Inn, Holiday Inn, Marriott Hotel, Hyatt Summerfield Suites, Residence Inn by Marriott, SpringHill Suites by Marriott, and Westin Hotel brands. Most recently, White Lodging opened the 340-unit Westin Hotel @ The Domain in March, 2010 and anticipates breaking ground on the 296-unit Hyatt Place hotel located at 3rd Street and San Jacinto in August of this year.

Marriott Hotels & Resorts is Marriott International's original and most widely distributed, iconic brand with 500 hotels and resorts in 60 countries. Upon opening, the Marriott Marquis Austin Convention Center will be one of only five Marriott Marquis properties in the country (Atlanta, Miami, New York City, San Francisco, and Washington, DC).

White Lodging Services Corporation was established in 1985 and is headquartered in Merrillville, Indiana. White Lodging is a fully integrated hotel ownership, development, and operations company – a recognized leader that has defined and cultivated the ability to achieve consistent, sustainable growth among mid- to large-scale hotels across the country. Their current portfolio consists of over 155 hotels in 18 states and encompasses representation of the following leading brands: Marriott International, Inc., Hilton Worldwide, Hyatt Global, Starwood Hotels and Resorts, InterContinental Hotel Group, and Carlson Hotels Worldwide.

www.whitelodging.com

SOURCE White Lodging Services Corporation