A rendering of McWhinney's planned 31-story hotel in downtown Austin, Texas. The company raised just under $41 million to finance the project. Courtesy McWhinney

McWhinney raises $40.9M to build hotel in Austin

LOVELAND  — McWhinney Real Estate Services Inc. plans to build a 246-room hotel in the capital of Texas.

In a press release, the Loveland real estate firm said it will begin construction on the 31-story hotel in downtown Austin, Texas, with an opening date sometime in fall 2021. Hyatt Hotels Corp (NYSE: H) will manage the property of McWhinney’s behalf.

It will be McWhinney’s first foray into Texas. The company currently has properties in Northern Colorado, Denver, Omaha, Portland, Oregon and southern California.

McWhinney raised $40,925,000 from 68 individual investors for the project through a subsidiary, according to filings to the U.S. Securities and Exchange Commission Wednesday evening. The firm has previously used private placements to raise cash for developments, most recently raising $3.56 million in September for an industrial development in its Centerra District. 

LOVELAND  — McWhinney Real Estate Services Inc. plans to build a 246-room hotel in the capital of Texas.

In a press release, the Loveland real estate firm said it will begin construction on the 31-story hotel in downtown Austin, Texas, with an opening date sometime in fall 2021. Hyatt Hotels Corp (NYSE: H) will manage the property of McWhinney’s behalf.

It will be McWhinney’s first foray into Texas. The company currently has properties in Northern Colorado, Denver, Omaha, Portland, Oregon and southern California.

McWhinney raised $40,925,000 from 68 individual investors for the project through a subsidiary, according to filings to the U.S. Securities and Exchange Commission Wednesday evening. The firm has previously used private placements to raise cash for developments, most recently raising $3.56 million in September for an industrial development in its Centerra District.