Real estate investment firm Carey Watermark Investors Incorporated (CWI) has acquired the Hyatt Place Austin Downtown in Texas, US, for $87m.
Located near the Austin Convention Center at 211 East 3rd Street in the centre of downtown Austin, the hotel is two blocks away from the Sixth Street entertainment district, half a mile from the State Capitol building and one mile from the University of Texas campus.
The hotel, which was constructed in 2013, has 296 rooms housed in a 17-floor building and is in close proximity to over 50 restaurants and the Austin-Bergstrom International Airport.
The purchase follows significant corporate demand in the region due to the concentration of major companies in the area, including Dell, Apple, AMD, Whole Foods and Silicon Labs.
Following the acquisition, the hotel will continue to be managed by its developer White Lodging Services Corporation under a long-term management agreement.
Amenities at the property include free Wi-Fi throughout the hotel, 1,800ft² of high-tech meeting and function space, an indoor pool, StayFit at Hyatt fitness centre and free public computers with remote printing facility.
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The property also has a Coffee to Cocktails Bar as well as complimentary morning Kitchen Skillet breakfast.
CWI chief executive officer Michael Medzigian said the acquisition of the Hyatt Place Austin Downtown represented an opportunity to invest in a newly built property in one of the strongest domestic hotel markets.
"As the first newly built Hyatt-branded hotel in downtown Austin in 30 years, we believe the property is well positioned to capture market share," Medzigian added.
"Given the attractive purchase price, central Austin location and exciting growth prospects of the Austin market, we believe that the investment will be a solid cash flow-generating addition to our portfolio."
Image: Carey Watermark has acquired the Hyatt Place Austin Downtown hotel. Photo courtesy of Carey Watermark Investors Incorporated.