Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a six-story 123-room Hampton Inn hotel in Austin, Texas. The terms of the sale were not released.
Allan Miller, an associate vice president investments in Marcus & Millichap’s San Antonio office, Chris Gomes, a senior associate in Dallas and Jake Gaddy, an associate in Austin, represented the seller, a joint venture between a California family trust and a Texas-based private investor. David Greenberg, a vice president investments in the firm’s Fort Lauderdale office, advised the buyer, Moody National REIT 1 Inc.
“Assets like this Hampton Inn rarely become available in Austin,” says Miller. “This is a premier franchise in one of the fastest-growing cities and hotel markets in the country,”
“The hotel’s 10-year franchise was renewed with Hilton Hotels & Resorts in July 2012,” adds Greenberg.
The property is located at 4141 Governors Row in Austin off the intersection of Interstate
35 and Texas State Highway 71, six miles from Austin-Bergstrom International Airport. The location is five minutes south of downtown Austin, near the city’s premier nightclub district and 10 miles from a new Formula One racetrack.
The hotel was built in 1997 and extensively renovated in 2012. It features an eclectic lobby/common area. Amenities include a 430-square-foot meeting room, a business center and an outdoor swimming pool.
Together, Miller, Gomes, Gaddy and Greenberg sold 27 hotels in 2013 valued at $169 million. Located in seven states: Florida, Texas, Arkansas, Tennessee, Oklahoma, South Carolina and New Mexico; the assets included full-service, select-service and extended-stay hotels; brands including Marriott, Hilton, Hyatt, Best Western, Choice Hotels International and Wyndham Worldwide; and boutique and independent hotels.
“We expect 2014 to be a record year for hotel transactions,” concludes Greenberg, “With our unique value proposition, Marcus & Millichap will undoubtedly continue to be the dominant hotel broker in the nation.”
With more than 1,100 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.