AUSTIN, Texas–(BUSINESS WIRE)–AUSTIN-based Beth Phoenix International announced today that it is shutting down its flagship hotel and convention center in downtown Austin on May 24.
The Austin-based hotel and conference center, which was built in 1997, will close for good effective May 24 and will remain open to the public until further notice.
The hotel and other related facilities and activities are being purchased by an unnamed private equity firm.
The company’s statement on its website stated, “We are extremely proud of our many accomplishments, but in the last year we have faced unprecedented challenges and were forced to make difficult decisions.
In order to stay afloat, we have put our business on the fast track to complete the acquisition and transform our company into an innovative and dynamic brand with a compelling vision.”
It also announced the sale of its corporate headquarters to an unnamed investor for an undisclosed sum.
“This is a great day for the entire Austin community, and for our employees,” said Beth Phoenix CEO John Harkins.
“I know we have all been impacted by these difficult times and will be doing everything we can to ensure that everyone is safe and our guests have a great time at the Beth Phoenix.”
Beth Phoenix announced that it will operate its flagship Beth Phoenix hotel and Convention Center through a wholly-owned subsidiary called Beth Phoenix Incorporated.
The Beth Phoenix brand will continue to be available to guests in its existing locations, including the downtown hotel and Marriott Marquis downtown Austin, the Beths Hotel and Hotel Marquis and the Marriott Downtown Austin, and at other locations throughout Austin.
The Marriott Marquus location, which opened in 2014, has been open to guests since 2012.
In 2018, the Marriott Marqui site opened to the general public.
The original Beth Phoenix opened in 1997 in Austin, Texas.
“Our focus at Beth Phoenix is to continue providing guests with the best value and the safest experience possible,” said Harkips CEO and co-founder John Harkin.
“We thank our loyal guests for the many years of support and wish them every success in their future experiences with us.
We will continue providing the best customer experience to all of our guests.”
Harkings family also has interests in other areas of the hospitality industry, including entertainment and retail, technology and agriculture.
“John and his wife have been part of the Austin hospitality community for over 20 years, and we are thrilled to be able to work together to transform Beth Phoenix into a leading global hotel brand,” said David Harkin, co-chairman and CEO of Beth Phoenix.
“The Beth Phoenix family is committed to supporting our guests with great value, which is why we are working hard to bring new and exciting options to our guests in 2019.”
A Beth Phoenix spokeswoman said the company is currently seeking additional financing.