Hampton Inn in Austin Sold to Moody National REIT 1 Inc.
Thursday January 30th, 2014 - 9:54AM EB
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AUSTIN, TX—Marcus & Millichap Real Estate Investment Services has arranged the sale of a six-story 123-room Hampton Inn hotel located here. A joint venture between a California family trust and a Texas-based private investor sold the property to Moody National REIT 1 Inc. for an undisclosed amount.
Allan Miller, an associate VP of investments in Marcus & Millichap’s San Antonio office, Chris Gomes, a senior associate in Dallas and Jake Gaddy, an associate in Austin, represented the seller, a joint venture between a California family trust and a Texas-based private investor. David Greenberg, VP of investments for the firm’s Fort Lauderdale office, advised the buyer, Moody National REIT 1 Inc.
“Assets like this Hampton Inn rarely become available in Austin,” stated Miller. “This is a premier franchise in one of the fastest-growing cities and hotel markets in the country,” Greenberg added, “The hotel’s 10-year franchise was renewed with Hilton Hotels & Resorts in July 2012.”
The property is located at 4141 Governors Row in Austin off the intersection of Interstate 35 and Texas State Highway 71, six miles from Austin-Bergstrom International Airport. The location is five minutes south of downtown Austin, near the city’s premier nightclub district and 10 miles from a new Formula One racetrack. The hotel was built in 1997 and extensively renovated in 2012. Amenities include a 430-sq.-ft. meeting room, a business center and an outdoor swimming pool.
Together, Miller, Gomes, Gaddy and Greenberg sold 27 hotels in 2013 valued at $169 million. Located in seven states: Florida, Texas, Arkansas, Tennessee, Oklahoma, South Carolina and New Mexico; the assets included full-service, select-service and extended-stay hotels; brands including Marriott, Hilton, Hyatt, Best Western, Choice Hotels International and Wyndham Worldwide; and boutique and independent hotels.
“We expect 2014 to be a record year for hotel transactions,” stated Greenberg. “With our unique value proposition, Marcus & Millichap will undoubtedly continue to be the dominant hotel broker in the nation.”
Tags: Hampton Inn • Moody National REIT • Marcus & Millichap • Hospitality • Brands • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.