�We are committed to entering the marketplace with a strong investment and the appropriate product. The hotel, in a prime downtown location, is an architectural gem, and complements the Inter-Continental portfolio of hotels perfectly.� The property has been under redevelopment by Highgate Holdings of Dallas, Texas, and T. Stacy Associates, of Austin, Texas, owners of the property since 1996. �We have invested a considerable amount of capital to ensure the hotel reopens as a first-class, luxury hotel,� stated Mahmood Khimji, president, Highgate Holdings. �We are confident that Bass Hotels Resorts, and the Inter-Continental brand will exemplify the high level of quality and service that was our vision for this historic property.�

The hotel, a prominent landmark located within the Congress Avenue Historic District of Austin, has undergone an extensive refurbishment over the last several years. The Nix Group, architects on the project, researched local archives and used original drawings as a reference to highlight the property�s original design and maintain its historical integrity.

The original Stephen F. Austin Hotel was a ten-story structure that opened for business in 1924 and played host to politicians and businessmen from Texas and beyond. The property served as the social gathering place for local �movers and shakers�, including Texas legislators and visitors of both the state capital and the University of Texas. Over the years, ownership changed, as did the interior design, until the doors closed in 1987. 

Since late 1997, Highgate Holdings and T. Stacy Associates have been restoring the property to its original grandeur.  Renovation plans include restoring the original lobby, replete with marble floors, wood paneling, grand staircase and the rich decor of the early 1900s. All guestrooms will be refurbished and reconfigured from the original 350 rooms to 189 well appointed guestrooms and suites (173 rooms, 15 two-bay suites and one Governor suite.) The restored historic hotel will also offer 6,500 square feet of meeting space, including a 3,800 square foot ballroom, two boardrooms and two restaurants. In addition, the hotel bar will boast an outside terrace veranda on Congress Avenue with views of the State Capitol. Other hotel amenities include a club floor, state of the art fitness center with lap pool, 24-hour room service and high-speed Internet access.  Inter-Continental, Bass Hotels Resorts� upscale lodging brand, is one of the leading hotel brands in the global marketplace, with 123 properties and more than 43,000 guestrooms located in 70 countries. Since its inception in 1946, the Inter-Continental brand has been a hospitality pioneer, setting international service standards for travelers the world over.

Highgate Holdings is a privately held investment firm headquartered in Dallas, Texas with regional offices in New York City and Vancouver, British Columbia, Canada. The company�s principal investment activities focus on real estate and public market ownership, with particular emphasis on the lodging industry. Other investments include office buildings, industrial/tech buildings, residential real estate and significant positions in both publicly and privately held companies.

Bass Hotels Resorts(SM), the hotel business of Bass PLC (NYSE: BAS) of the United Kingdom, operates or franchises more than 2,800 hotels and 460,000 guest rooms in more than 90 countries and territories.