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Originally Posted by tildahat
Seems like any brand called "W" has some serious issues these days...
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Funny, I don't remember stating that the "W" brand had any issues?!? Come-on fellas; you know what I mean. Brands like the Four Seasons, W, St. Regis, Ritz-Carlton, etc. are not going to stick their necks out there and announce “risky” projects. As a consumer, how would you look upon a company which seemed to regularly “cry wolf?”
Yes, Crewer, you are correct. The Four Seasons did announce an Austin project back in 1999. However, it’s “failure” to materialize was neither the fault of the Four Seasons nor of the former developer. It was the economy! Remember the “Tech Bust” which lasted from late 2000 through 2002? In fact, 20-25% of the 128 units were already under-contract when the original project was “put on hold.” In case you were wondering, the financial institution that was financing the project required 30% of the units to be sold before they were going to release funds for construction.
The Four Seasons never took their eyes off downtown Austin (more specifically, the site in which the old project was to be developed). When Post Properties and Ardent Residential acquired the site from the former developer, they immediately began management negotiations with the Four Seasons.