Axton Group Buys Renaissance Austin Hotel for $70M
- Nov 25, 2020
An affiliate of The Axton Group has purchased the 492-key Renaissance Austin Hotel from Xenia Hotels & Resorts, a spin-off of Inland American Real Estate Trust, for $70 million. The full-service property in northern Austin is one of the largest hotels in the city. Marriott will continue to manage the asset under the Renaissance flag.
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The new owner plans to position the asset as a premier meeting and event venue, with projected upgrades to the public meeting spaces. Improvements also include the renovation of the entrance, lobby and atrium.
The property is located at 9721 Arboretum Blvd., at the intersection of U.S. routes 183 and 360, with Interstate 35 about 5 miles away. Downtown Austin is 11 miles south, while Austin-Bergstrom International Airport is 18 miles northwest of the site. The hotel includes 77,600 square feet of indoor and outdoor meeting and event space, as well as 88 suites. Shared amenities of the pet-friendly property comprise a fitness center and pool.
Paul Hastings represented the buyer. Eastdil Secured acted as financial advisor for the financing, originated by an affiliate of Walton Street Capital LLC.
Earlier this year, another Renaissance Hotel changed hands in Baltimore. The Buccini/Pollin Group acquired the 622-key property for $80 million.