McWhinney in second Austin, Texas, hotel deal

LOVELAND — McWhinney Real Estate Services Inc. bought the Austin Proper Hotel in Texas from its developer. McWhinney is also building the Hyatt Centric Austin, with an early-2022 opening date.

Combined the two give the real estate company 490 luxe rooms in the city. An entertainment publication for Austin pegs rooms at Austin Proper at around $350; Hyatt’s Centric brand is comparable to Marriott’s Autograph Collection. McWhinney’s Fort Collins hotel, The Elizabeth, is an Autograph hotel.

The Proper building is 32 stories tall; the hotel is the first 12. The rest are individually owned condos not part of the purchase. Residences have sold for upward of $2 million apiece.

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The hotel portion has a fifth-floor outdoor pool, four restaurants, a spa and gym, 14,000 square feet of meeting space and concierge service. It opened in December 2019.

McWhinney bought the hotel from Kor Realty Group LLC in Santa Monica, California. Kor bought a half-acre parcel in 2016 from Trammel Crow Co., which had paid $4.3 million for the site, formerly a water treatment plant. Goldman Sachs invested later that year. Trammel Crow was general contractor.

The hotel is in a downtown redevelopment area called GreenWater, near music venue Austin City Limits.

Proper is Kor’s hospitality management arm, which runs about a dozen properties, most of them under the Proper flag.

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