I wrote last month that Hyatt was in talks to acquire Standard Hotels. That was sort of interesting. Current hotels include New York in the Meatpacking District and the East Village; Miami Beach; London; Maldives; Ibiza; and Hua Hin.
The deal closed, and I now realize it’s broader than I thought. That’s because they’re acquiring all of Standard International. That’s not just Standard Hotels.
Standard includes Bunkhouse Group properties in Austin, which includes Hotel Magdalena, Hotel San Jose, Hotel Saint Cecilia and the Austin Motel. It also includes the 7 locations of Jo’s Coffee. Their South Congress location is one of the most iconic spots in Austin where every tourist stops for a photo.
Hyatt is picking up management, franchise and license contracts – not the real estate – and the hotels in Austin are… interesting.
The Austin Motel is another one of the most iconic spots in town. On South Congress about a mile from downtown, its motto is “So Close Yet So Far Out.”
It’s legitimately a motel and room rates run $150 – $250 or more.
It’s a 41-room 1930s-era motor lodge with neon sign that attracts locals to its pool with day passes. And, since Austin really isn’t centered around a downtown, it’s actually quite a good location for tourists. The property maintains the ‘Keep Austin Weird’ vibe of the early-2010s (from long before the Californians arrived during the pandemic).