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Summit Hotel Properties Acquires Hampton Inn & Suites for $53 Million in Downtown Austin

22 Sep 2014, 2:52 am

By Anca Gagiuc, Associate Editor

Summit Hotel Properties announced the acquisition of the Hampton Inn & Suites, the first property owned by the company in Austin, the home of their corporate offices. The new addition is located downtown, just one block from the Austin Convention Center and Lady bird Lake, in the central district. Summit Hotel Properties, Inc. has a portfolio consisted of 91 hotels, encompassing 11,589 guestrooms in 21 states.

“We are thrilled with the acquisition of our first property in the robust and dynamic Austin market,” says company President and CEO Dan Hansen. “The Hampton Inn & Suites is a wonderful addition to our portfolio in one of the fastest growing cities in the country.”

Hampton Inn & Suites was built in 2002; it has 209 guestrooms displayed on 16 stories. The acquisition price was of $53 million and entered into a management agreement with Interstate Hotels & Resorts. Additionally, Summit Hotel Properties estimates costs of approximately $2.4 million in capital improvements over the following year. After renovation, the company anticipates next twelve month capitalization rate in the range of 8 percent to 8.5 percent based on management’s current projection of future net operating income. Furthermore, Summit Hotel Properties estimates the hotel to generate $1.4 million of adjusted earnings before interest, taxes, depreciation, and amortization through the balance of 2014.

Besides being known as the Live Music Capital of the World®, Austin includes Austin City Limits Music Festival, South by Southwest, Formula 1, and the University of Texas Longhorn football, and continues to see increases in demand from large corporate accounts, convention business and leisure. The city already hosts headquarters or regional offices of many Fortune 500 companies, including Apple Inc., eBay, Google, IBM, Texas Instruments, Whole Foods, and Dell.

The Girls’ School of Austin Earns Four-Star Rating from Energy Green Building

12 Sep 2014, 8:54 pm

By Anca Gagiuc, Associate Editor

The Girls’ School of Austin, the city’s only private, independent school for girls in grades K–8, dedicates its new buildings and grounds on September 13, followed by architectural presentations and workshops on sustainable design. The project came to completion after several years of capital campaign and nine months of construction.

The facility is one of two complete schools in Austin that received a four-star rating from Austin Energy Green Building. The recognition came for the school’s accomplishments in water conservation, indoor environmental quality, construction waste recycling and sourcing of materials, energy efficiency, and native landscapes.

“This four-star AEGB rating signifies The Girls’ School of Austin’s commitment to sustainability by creating and operating buildings that are not only beautiful, functional and comfortable, but also good for the community and the environment,” said Debbie Kimberly, VP CES, with Austin Energy.

The energy requirements of the school have not been increased through the construction of the new campus, instead it has changed the entire learning environment for its students. The newly sustainable campus which now includes a rainwater collection system, multiple gardens, a nature trail, and bioswale landscaped with native plants, will become an integral part of the learning process. The cistern levels and bioswale flows will be monitored by the students as part of the science class, while teachers from kindergarten through middle school will use the campus’ flexible indoor and outdoor spaces for year-long instruction.

Our students and faculty are thriving in their new environment,” said Lisa Schmitt, who heads the The Girls’ School of Austin.

The Girls’ School of Austin was constructed by American Constructors of Austin with architects Michael Cowan and Mike Haddon of Haddon and Cowan Architects Collaborative. LaMette Consulting, DCI Engineering, Big Red Dog Engineering, Land Interactive, Edwards + Mulhaousen Interior Design, and ACR Engineering also comprised the project team.

Sonesta Bee Cave Austin to Open in Spring of 2015

5 Sep 2014, 4:15 pm

By Anca Gagiuc, Associate Editor

In February 2014 Sonesta Bee Cave Austin, a 195-room hotel broke ground, joining Sonesta’s growing portfolio. This is the company’s third Texas property and it is scheduled for a spring 2015 opening.

The hotel is located 14 miles west of downtown Austin and 20 miles from the Austin-Bergstrom International Airport, ideally positioned in the middle of the dining, shopping, and entertainment area, with plenty of office spaces and residences at the Hill Country Galleria complex. It will offer 195 guest rooms among which 12 suites, oriented towards the swimming pool, the courtyard, and the Hill Country.

Amenities will include a central courtyard with swimming pool and sun deck, a fitness center, 24-hour business center and Wi-Fi. A 2.3 mile hiking and biking trail is in close proximity and other community special events, concerts and shows, plenty of stores and restaurants are within walking distance. Nearby Lake Travis offers an array of outdoor recreation including boating, swimming, fishing, zip lining, and specialty dining. A rooftop bar with glass enclosed lounge will offer besides the views of the Hill Country, on-site culinary opportunities created with fresh and local sourced ingredients under Sonesta’s Food is Art program, paired with cocktails from the Sonesta Liquid Art program.

The Sonesta Bee Cave Austin will offer 10,000 square feet of flexible meeting space, suitable for corporate meetings and events and other social gatherings. For smaller groups there are two additional meeting rooms, an executive boardroom and a pre-function area; the grand ballroom is also divisible into five sections. Industry veteran John Dallas has been appointed General Manager.

“We are excited to be one step nearer to our goal of providing the local area with a first rate hotel experience. Bringing John on board assures both a continued close relationship with the Bee Cave and greater Austin community and exemplary leadership for the new property,” says Adrian Overstreet, Managing Member of the company that owns the Galleria and is developing the hotel.

Taylor Morrison Expands Further in the Austin Area through Dripping Springs Land Acquisition

12 Aug 2014, 3:56 pm

By Anca Gagiuc, Associate Editor

After announcing a new phase of development at Leander’s Fairways at Crystal Falls, Taylor Morrison announced the acquisition of over 100 acres in Dripping Springs. Here is where the Founders Ridge single-family home community will debut in mid-2015.

The construction is set to begin this fall, targeting the development of 204 homes sites in the summer of 2015. The homes will range in size from approximately 2,200 square feet to over 3,700 square feet. The homes’ amenities will feature covered patios, mahogany front doors, vinyl windows, granite kitchen countertops, while the community will offer to its future residents vast green space with an extensive trail system.

“Founders Ridge will represent a great opportunity for homebuyers who are looking for affordable homes in a quality school district,” says Tim Towell, president of Taylor Morrison’s Austin division. “The community balances convenient access to downtown with hill country living, providing a great location for the whole family.”

Founders Ridge is conveniently located in the Dripping Springs Independent School District, within walking distance from the Dripping Springs Elementary School and less than a mile from Founders Memorial Park. Taylor Morison acquired the land from Austin-based Norwood Investments, a venture capital and private equity company. The transaction has been handled by Case Commercial Real Estate Partners, but financial details have not been disclosed.

Austin’s Estates at Bee Cave Luxury Condominium Starts Leasing

1 Aug 2014, 3:35 pm

By Anca Gagiuc, Associate Editor

The Estates at Bee Cave, a luxury condominium community has recently started the leasing process. San Antonio-based Embrey Partners and equity partner Nationwide Insurance developed the project on a 24-acre lot located northwest of Austin at 3544 South Ranch Road 620.

“We think Bee Cave is one of the most unique communities in which Embrey has ever built, and we are delighted to be a part of its smart growth initiative,” says Jeff Booth, Embrey’s executive vice president of development and the partner responsible for the Estates project. “We are excited to have developed something beautiful and creative that not only contributes to the City’s comprehensive plan but exceeds expectations in its own right.”

The Estates at Bee Cave offers 316 units of one-, two-, and three-bedroom condominiums with features including custom cabinetry and granite countertops in all kitchen and baths. Community amenities feature barbecue areas with outdoor cooking stations, health and fitness center, game room with billiards and shuffleboard, hike and bike trail, resident conference center and business center. Units range in size from 683 to 1,428 square feet with an average monthly rate of about $1,400. The largest three-bedroom, two-bath homes with a two car direct-access garage, washer and dryer and hill top views rents for $2,300 monthly.

“The topography of the land is particularly spectacular, and we’ve taken great care in crafting the community to make the best use of what nature has already created,” adds Booth.

The development has been designed by architectural firm Kelly Grossman with abundant open space and tree save areas. The managing company is Embrey Management Services.

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