AUSTIN — Moody National REIT I Inc. is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum for $29.3 million. The purchase price excludes acquisition costs and is subject to adjustments and prorations. The hotel is located north of downtown Austin just off Highway 183 near the Arboretum at Great Hills, the University of Texas, Sixth Street and Lake Travis. The 138-room hotel opened in 2002. Amenities include an indoor swimming pool and 1,400 square feet of meeting space.
Hospitality
CORPUS CHRISTI, TEXAS — MCR Development LLC has completed the renovation of the 105-room Courtyard Corpus Christi located at 5133 Flynn Parkway in Corpus Christi. The renovation included a redesign of the hotel’s guest rooms, lobby, bistro and public areas. The renovations are part of MCR’s strategy to drive RevPAR growth. The hotel is located near the Texas Route 358 traffic corridor and the Corpus Christi International Airport.
JEFFERSON CITY, MO. — Paramount Lodging Advisors (PLA) has arranged the sale of a 70-room Holiday Inn Express in Jefferson City. A local investor purchased the property, located at 1716 Jefferson St., for an undisclosed price. The new owner will rebrand the hotel. Adam Montufar, Bennett Webster and Brent Clemens of PLA represented the seller, LNR Partners. The team completed the transaction via Auction.com.
ATLANTA — Hilton Worldwide’s Homewood Suites by Hilton has opened Homewood Suites by Hilton Atlanta Airport North, its eighth Homewood property in the Atlanta market. The six-story, 122-suite hotel is owned by Rajesh Patel and located at 3405 Bobby Brown Parkway, less than one mile from Hartsfield Jackson International Airport. The hotel offers daily breakfast, complementary Wi-Fi and an airport shuttle service.
ATLANTA — Hilton Worldwide’s Homewood Suites by Hilton has opened Homewood Suites by Hilton Atlanta Airport North, its eighth Homewood property in the Atlanta market. The six-story, 122-suite hotel is owned by Rajesh Patel and located at 3405 Bobby Brown Parkway, less than one mile from Hartsfield Jackson International Airport. The hotel offers daily breakfast, complementary Wi-Fi and an airport shuttle service.
ATLANTA — HFF has arranged $14 million in financing for DoubleTree Suites by Hilton Hotel Atlanta-Galleria, a 154-room hotel in Atlanta’s Galleria/Cumberland submarket. The hotel’s address is 2780 Windy Ridge Parkway, approximately eight miles from downtown Atlanta. The hotel’s amenity package includes a sun-lit atrium lobby, the Edge Bar and Cliff Restaurant, fitness center, outdoor swimming pool, 5,000 square feet of meeting space and a business center. The borrower, Encore Hospitality LLC, a division of Encore Enterprises Inc., will use the loan to acquire the hotel and implement a capital improvement program. Cullen Aderhold of HFF led the debt placement team to arrange the loan through Latitude Management Real Estate Investors.
BOULDER, COLO. – The 49-room Quality Inn & Suites in Boulder has sold to a partnership between Basecamp Hotels, Eagle Point Hotel Partners and Filament Hospitality for an undisclosed sum. The hotel is located at 2020 Arapahoe Ave. It is situated next to the University of Colorado and within walking distance of Pearl Street Mall's outdoor shopping, dining and entertainment district. The partnership will renovate and reposition the property to their signature brand, Basecamp Hotel. The brand is currently expanding into other markets across the U.S. The seller, Lewis Properties, was represented by Mike Dube of HREC Investment Advisors' Denver office.
SAN ANTONIO — Marcus & Millichap has arranged the sale of Holiday Inn Express & Suites San Antonio South, a 66-room hospitality property. The property is located at 11400 Southeast Loop 410 in San Antonio. The three-story hotel was built in 2008 near downtown San Antonio and the San Antonio International Airport. Allan Miller, Robert Arzola and Chris Gomes of Marcus & Millichap’s San Antonio and Dallas offices marketed the property on behalf of the seller, a limited liability company. Miller also represented the buyer, another limited liability company.
PHOENIX – The 114-room Holiday Inn & Suites Phoenix has received a $9.3-million loan. The select-service hotel is located two miles south of the Phoenix Sky Harbor Airport and two miles west of Arizona State University. It opened in 2010. The non-recourse, fixed-rate, CMBS first-mortgage loan was secured by KeyBank Real Estate Capital.
PORT ARTHUR, TEXAS — Marcus & Millichap has arranged the sale of La Quinta Inn & Suites Port Arthur, a 63-room hospitality property located at 7540 Memorial Blvd. in Port Arthur. Rahul Bijlani, Michael Yu and Eric Guerrero of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a Texas-based developer. The name of the buyer was undisclosed.