AUSTIN — The LINE Austin and the Hyatt Centric hotels in Downtown Austin are scheduled for auction Tuesday at the Travis County foreclosure sale. Property records indicate Downtown Austin Lakeside Hotel LLC allegedly defaulted on a $172 million loan from JPMorgan in December 2023.
The LINE Austin, located at 111 E. Cesar Chavez St., and the Hyatt Centric, at 721 Congress Ave., are both situated near Congress Avenue and Lady Bird Lake. The LINE spans 169,585 square feet and is appraised at $168.9 million by the Travis Central Appraisal District (TCAD). The Hyatt Centric is a 31-story, 246-room hotel that opened in 2022 and is appraised at $56.2 million according to TCAD.
Downtown Austin Lakeside Hotel LLC purchased The LINE in 2016 for $130 million. The hotel opened in 1965 as the Crest Hotel, later operated as a Radisson, and was rebranded after the acquisition. MH HCAustin LLC is listed as the owner of the Hyatt Centric.
Properties sold at foreclosure auctions are often purchased for less than their appraised value. The combined appraised value of the two hotels totals more than $225 million, exceeding the $172 million loan balance tied to the alleged default.