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.”