The Hampton Inn hotel located at 4141 Governors Row in Austin has changed owners. Marcus & Millichap Real Estate Investment Services arranged the sale of the six-story 123-room hotel, without disclosing the terms of the sale.
The seller, a joint venture between a California family trust and a Texas-based private investor, was represented by a Marcus and Millichap trio consisting of Allan Miller, associate vice president investments in the San Antonio office, Chris Gomes, senior associate in Dallas, and Jake Gaddy, associate in Austin. The buyer, Moody National REIT 1 Inc., was advised by David Greenberg, vice president investments in the Fort Lauderdale office.
“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.”
Greenberg added: “The hotel’s 10-year franchise was renewed with Hilton Hotels & Resorts in July 2012.”
The property is located off the intersection of Interstate 35 and Texas State Highway 71, six miles from Austin-Bergstrom International Airport. It’s only five minutes south of downtown Austin and 10 miles from a new Formula One racetrack. The hotel was built in 1997 and underwent extensive renovations in 2012. Amenities include a business center, a meeting room of 430 square feet, swimming room and jogging and walking tracks.
After a very successful 2013 when the four sold 27 hotels valued at $169 million throughout seven states, Greenberg concludes: “We expect 2014 to be a record year for hotel transactions; with our unique value proposition, Marcus & Millichap will undoubtedly continue to be the dominant hotel broker in the nation.”
Photo courtesy of Hampton Inn Austin/Airport Area South.