Stratus Development Partners broke ground Oct. 21 on the new Cambria hotel at 68 East Ave. in the Rainey Street District, the website Towers reported.

The groundbreaking was four years after the project was first announced, the story said.

The 14-story hotel with 212 rooms is expected to open by the summer of 2023, Towers reported. It will feature a multi-function meeting space, lobby bar, fireplace and living room, fitness center, pool, patio and terrace.

Hospitality Funding, Inc. provided a $60 million construction loan for the project, it said in a news release.

"Despite the COVID delay and a very challenging environment for hotel construction financing, we were able to deliver a great execution for our client, Stratus Development," Hospitality Funding said. "We are very pleased to close this transaction for the downtown Austin Cambria.”

The hotel is within walking distance of Rainey Street, the Austin Convention Center and the University of Texas, the news release said.

"Cambria hotels are designed to provide a unique and distinctive experience with the services and amenities that travelers demand, including chic décor, flexible spaces for meeting or socializing, and rooms that feel like an upgrade," Hospitality said.

Stratus Development is headquartered in Newport Beach, Calif., and the hotel was designed by Rhode Partners, Towers reported.

The Cambria brand is part of Choice Hotels International, which also has Comfort Inn, Comfort Suites and Quality Inn, as well as other budget to mid-range priced hotels, the story said.