TownePlace Suites in Austin Sells for $20M
- Jan 22, 2018
Condor Hospitality Trust has closed on its previously announced agreement to acquire TownePlace Suites, the 122-key hospitality facility located in Austin’s North Tech Ridge submarket. The asset fetched $19.8 million; Aimbridge Hospitality will continue to manage the property.
“The TownePlace Suites represents the youngest select-service product in the North Tech Ridge submarket, which has numerous and diverse local demand drivers, including Dell’s corporate campus, Samsung’s semiconductor facility and General Motors’ IT innovation facility. As the 31st largest MSA by population, Austin grew faster than all other large metro areas in the United States over the last five years. This new asset fits perfectly within our acquisition strategy of acquiring newer select-service hotels in fast-growing, top 100 MSAs,” Bill Blackham, Condor CEO, said in prepared remarks.
The dog-friendly facility is located at 12427 Tech Ridge Blvd., minutes from the Texas State Capitol, The University of Texas and The Domain. All suites feature high-definition televisions, full kitchens and separate areas for working, cooking and resting. Guests have access to free WiFi, parking and breakfast. Amenities include a 24-hour business center, 24-hour fitness center and a seasonal outdoor pool with fire pit.
“Assuming the closing of the Home2 Suites Summerville, which is currently under contract, we will have closed approximately $276 million of acquisitions since the fourth quarter of 2015, representing 14 high-quality premium-branded select-service hotels flagged under the leading Marriott, Hilton and IHG hotel brands,” added Blackham.
Image courtesy of Condor Hospitality Trust