Wednesday April 2nd, 2014 - 9:35AM
AUSTIN, TX—Carey Watermark Investors Incorporated (CWI), a non-traded real estate investment trust (REIT) focused on investing in lodging and lodging-related properties, has acquired Hyatt Place Austin Downtown, a 296-room upscale select-service hotel located here, for $87 million.
Michael Medzigian, CEO of CWI stated, "The acquisition of the Hyatt Place Austin Downtown represented an opportunity to invest in a newly built, high quality, select-service property in one of the strongest domestic hotel markets. As the first newly built Hyatt-branded hotel in downtown Austin in 30 years, we believe the property is well positioned to capture market share.”
Medzigian added, “Given the attractive purchase price, central Austin location and exciting growth prospects of the Austin market, we believe that the investment will be a solid cash flow-generating addition to our portfolio."
The hotel will continue to be managed by the original developer, White Lodging Services Corporation, under a long-term management agreement.
Hyatt Place Austin Downtown is located one block west of the Austin Convention Center, two blocks from the Sixth Street entertainment district, one-half mile from the State Capitol building and one mile from the University of Texas campus. Additionally, the hotel is close to more than 50 restaurants and only 15 minutes from Austin-Bergstrom International Airport.