JRK Property Holdings Buys Portfolio of Marriott-Branded Hotels in Austin for $65M

AUSTIN, TEXAS — JRK Property Holdings, a Los Angeles-based investment firm, has purchased a portfolio of five Marriott-branded hotels in Austin for $65 million in an all-cash deal. The 602-room portfolio includes hotels under the Courtyard by Marriott, Residence Inn, SpringHill Suites and Fairfield Inn & Suites brands. JRK plans to invest more than $40,000 per room in capital upgrades to the hotels, which originally opened between 1996 and 2001. JLL represented the seller, Maryland-based hospitality REIT RLJ Lodging Trust, in the transaction.