AUSTIN, TX—Moody National REIT I, Inc. is under contract to purchase the Homewood Suites Austin for an aggregate purchase price of $14.2 million, excluding acquisition costs.
The 96-room, select-service hotel, which opened in 1998, is located approximately six miles from Austin-Bergstrom International Airport.
“The Austin economy is experiencing vigorous growth and we think that the diversified economic demand base, including high-tech, medical, state government and education, favor continued robust growth in the long-term,” stated Brett Moody, the REIT’s chairman and CEO.
The REIT is sponsored by Moody REIT Sponsor, LLC, an affiliate of the Moody National Companies, a commercial real estate company.