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Originally Posted by Geckos_Rule
Well this will be interesting I think. I wonder if Austin really has the demand for a time-share property downtown, save for weeks like ACL or SXSW. I suppose time will tell.
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Yes, HUGE demand, actually.
I've been trying to find a link to back this up, but one of our local AHLA (Austin Hotel and Lodging Assoc) reps dropped some wild facts at a recent luncheon -- Austin is home to fully half of all Texas STR rentals, and last year clocked more than 250,000 stays. It's also the third largest STR market in the nation, if you can believe that.
Whether Rise will functionally operate as an according-to-code STR is kind of moot, IMO -- Austin has a massive market for alternative lodging, and this fits that mold perfectly . . . especially in a part of town that lacks regular hotel rooms.
If I can dig that factoid up, I'll post it. It was really eye opening.
SLIGHT EDIT: I re-read the coverage from Austin Towers and it looks like RISE isn't entering into a pure STR rental situation. More like a time share setup. I don't necessarily think that undercuts my larger point, though . . . that demand for alternative lodging is still high, and even more, as the Towers blog post says:
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"Let’s review here: 54 Madison wants Austin as the fourth entry in its Wyndham portfolio, placing our city alongside resorts in Las Vegas, Midtown Manhattan, and the slopes of one of Colorado’s most celebrated skiing destinations. I know we’re witnessing a hotel boom and frequently being called the best place to live in America, but it’s still kind of jarring to see Austin become such a global city in the eyes of developers."
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