Austin is Home Sweet Homewood For a Houston REIT
- Jun 10, 2015
The past two years have been very good to Austin, which Forbes named the nation’s fastest-growing city in 2014 and took the second spot this year. The Forbes ranking hints at some of the reasons that real estate investors hold the city in such esteem: its world-class university, its pool of talented, tech-savvy professionals and its stature as the state’s capital.
Among the most recent investors to give Austin a vote of confidence is Moody National REIT I Inc. Sponsored by an affiliate of Houston-based Moody National Cos., the non-traded REIT disclosed last week it’s under contract to purchase Homewood Suites Austin for about $14.3 million.
The 96-key select-service hotel opened in 1998. Its location, about eight miles from Austin-Bergstrom International Airport and minutes from downtown Austin, added to the property’s appeal.
“The Austin economy is experiencing vigorous growth, and we think that the diversified economic demand base—including high-tech, medical, state government and education—(favors) continued robust growth in the long-term,” said Moody National Cos. Chairman & CEO Brett Moody.