The foreclosure announcement comes just days after another iconic hotel in downtown Austin was slated for the auction block, underscoring a broader trend among some of the city’s downtown hospitality properties.
Hyatt did not immediately respond to Chron’s request for comment.
The 246-unit hotel encompassing 162,293 square feet was built in 2021, according to Travis County property records. The property has an assessed tax value of $56.1 million.
Hyatt Centric Congress Avenue opened in February 2023, according to a prior news release. Hyatt advertised the hotel’s proximity to the Texas state capital, Lady Bird Lake, the University of Texas at Austin campus and the arts and culture district in downtown Austin.
The 31-story hotel features an art gallery, full-service restaurant, terrace bar and lounge, several meeting spaces, 24/7 fitness center, 2,560 square-foot flexible event space and 1,400 square foot event space in the 31st floor penthouse.
One of Austin’s most recognizable boutique hotels is also headed towards foreclosure after allegedly defaulting on a multi-million-dollar loan.
The Line Austin, a luxury hotel located at 111 East Cesar Chavez Street, was flagged for a June foreclosure auction after its ownership entity defaulted on a $172-million loan tied to the property, according to The Real Deal. JP Morgan issued the mortgage for the 428-room hotel in 2023.
The Line Austin opened in 2018 inside of a redeveloped building that once housed the Crest Inn. The property dates back to the 1960s and operated under different brands through the years, including as a Radisson.