Manchester Texas Financial Group (MTFG) has secured funding from Colony Capital to build a 1,066-room hotel in Austin, paving the way for construction to commence early next month on the $370m project.
MTFG president Doug Manchester said: "It's time for construction of the Fairmont Austin to fire on all cylinders.
"We're thrilled to have aligned with a first-class operator in Fairmont and a premier funding source in Colony Capital, and it's all the more exciting given how strongly we believe in Austin."
The new 37-storey project will be built on a 1.74-acre space, offering more than 106,000ft² of meeting space, 43,300ft² of pre-function space, a 19,000ft² outdoor deck and four levels of underground parking.
With a height of 595ft, the new Gensler-designed hotel will be the second tallest structure on downtown Austin's skyline, after the 56-storey, 680ft Austonian residential tower.
Fairmont Austin is set to be commissioned in mid-2017, and will be the first to have direct access to the Austin Convention Center via an aerial walkway.
Gensler principal and managing director Todd Runkle said: "The design of the building incorporates a high level of sustainability, including an energy-efficient exterior skin, building systems, while using local materials and promoting a more walkable downtown Austin.
"We feel this project will raise the level of architecture in the hospitality industry as well as in Central Texas."
In June, Hunt Construction Group was awarded a $247m contract for the construction of the Austin hotel.
This latest project marks Fairmont's second hotel in Texas, joining its Fairmont Dallas, in the Downtown Arts District.
Image: The Fairmont Austin will offer direct access to the Austin Convention Center via an aerial walkway. Photo: courtesy of Fairmont Hotels & Resorts / Marketwired.