Moody National REIT Under Contract to Purchase Arboretum Hotel in Austin
- Oct 11, 2014
Houston Mood National REIT I is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum located at 11617 Research Blvd. The offering is for $29,250,000, according to a news release.
The Hilton Garden Inn hotel, which opened in 2002, spreads over 3.427 acres and contains 138 rooms. Hotel amenities include an indoor swimming pool, HDTV, and approximately 1,400 square feet of flexible meeting space.
“This asset fits perfectly within our existing portfolio, being a premium brand in a market that’s slated to outperform the majority of other major metropolitan areas,” said Brett Moody, chairman of the Board and CEO of Moody National Companies. “This particular asset located in a great sub-market, the Arboretum/The Domain Shopping Mall, establishes the environment for this asset to outperform Austin as a whole.”
Austin has many of the features targeted by the REIT: a major university, employment base, population growth, and besides serving as a hub of technology, the city is also known for the live music scene and cultural creativity. The hotel aims to meet the demand for both business and leisure segments
Should the Hilton Garden Inn be acquired by Moody National REIT I, the company intends to invest in upgrading the hotel, to “bring it in compliance with the latest Hilton Garden Inn brand standards”, according to the news release.
Photo courtesy of Hilton Garden Inn Austin NW/Arboretum.