Texas’ tallest tower lures luxury hotel tenant

Starwood’s Barry Sternlicht moves into new market with luxury hospitality brand

Starwood’s Barry Sternlicht with 98 Red River (Getty, LinkedIn) Tallest Hotel
Starwood’s Barry Sternlicht with 98 Red River (Getty, LinkedIn)

An Austin high-rise on track to be Texas’ tallest tower just landed a big tenant. New York’s 1 Hotels signed on to open in the building under construction at 98 Red River Street, the Austin Business Journal reported.

Plans for the mixed-use tower include a 240-unit hotel — presumably the one 1 Hotels will co-develop in partnership with Texas companies Lincoln Property Company and Kairoi Residential. Founded by Starwood Capital Group’s Barry Sternlicht, 1 Hotels is a luxury brand managed by Starwood affiliate SH Hotels & Resorts. The 1 Hotel Austin property marks its debut in the Texas market, according to a press release.

There are also 1 Hotel properties in New York City, West Hollywood, Miami’s South Beach, Toronto, San Francisco and Sanya, China. It’s also developing hotels in Nashville, Cabo San Lucas, Paris and London.

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At 70 stories and with a height more than 1,000 feet, the 98 Red River tower will be the capital city’s first “supertall” — a building taller than 984 feet, as defined by the Council of Tall Buildings and Urban Habitat. In addition to the hotel, plans for the 2.3 million-square-foot skyscraper include 700,000 square feet of office space, 332 residences and 43,000 square feet of retail.

The 98 Red River building connects to Waterloo Greenway, a new linear park system in downtown Austin. The 1 Hotel Austin will feature “Texas-tough, modern-chic guest rooms” and “furnishings that integrate cowboy craftsmanship with the sophisticated tone and tenor of a tech-savvy city,” according to press materials.

[ABJ] — Cindy Widner