Radisson Won’t Belong to Forestar Anymore
- Nov 25, 2015
By Anca Gagiuc, Associate Editor
Forestar Group of Austin is parting ways with a few of its non-core assets, including the Radisson Hotel & Suites in downtown Austin and the company’s non-core oil and gas assets in the Bakken/Three Forks formations in North Dakota.
The real estate, oil, and gas company announced that its board of directors is retaining Eastdil Secured to sell the Radisson hotel, while Tudor, Pickering, Holt & Co. has been hired to market the assets in the Bakken and Three Forks formations in North Dakota.
“Forestar is focused on creating value through strategic and disciplined investments in our core residential housing business. It is our intention to exit non-core, non-residential housing assets,” Forestar CEO Phil Weber said in prepared remarks.
The company’s statement noted: “At this time, there can be no assurance regarding the likelihood or timing of a specific transaction or transactions.”
The Radisson is located at 111 E. Cesar Chavez St. overlooking Lady Bird Lake. Since 2013 it has undergone renovations worth more than $20 million including the guest rooms, pool, meeting rooms, ballroom, and restaurant.
Image courtesy of Radisson Hotel & Suites Austin Downtown