AUSTIN, TX—Moody National REIT I, Inc. has entered a contract to purchase the Hilton Garden Inn Austin NW/Arboretum for $29 million, excluding acquisition costs and subject to adjustments and prorations as contemplated by the purchase agreement.
Positioned to meet demand from nearby corporate offices, including Apple, IBM, Motorola, 3M and Cisco, the hotel is located north of the city center just off Highway 183, in close proximity to the Arboretum at Great Hills, the University of Texas, Sixth Street and Lake Travis.
“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.”
The 138-room Hilton Garden Inn hotel opened in 2002. Located on 3.427 acres, hotel amenities include an indoor swimming pool, HDTV and in-room hospitality centers with refrigerators, as well as approximately 1,400 sq. ft. of meeting space.
If acquired, the Hilton Garden Inn would represent the second Hilton acquisition by Moody REIT I within the Austin market over the past year. The REIT purchased the Hampton Inn South Austin Airport in the fourth quarter of 2013.
Upon acquisition, Moody National REIT I, Inc. intends to perform a Property Improvement Plan (PIP) to bring the hotel into compliance with the latest Hilton Garden Inn brand standards.