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Lend Lease Takes Title to Marriott at the Capitol

AUSTIN-USAA has hawked its Marriott at the Capitol after 15 years of ownership. Buyer Lend Lease Investments nor seller are talking price, but the 365-room hotel is appraised at $35.3 million. The buy is Lend Lease's second in the state capital.

By Kimberly Reeves | Updated on March 19, 2001

AUSTIN-Pension fund adviser Lend Lease Real Estate Investments has purchased the Marriott at the Capitol from San Antonio-based USAA Real Estate LP. Neither company would put a price on the transaction, although appraisal rolls peg the value of the property at $35.3 million. Laura Napier of PKF Consulting, based in Houston, tells GlobeSt.com that the property “is a major player in Downtown Austin,” but she wouldn’t put a selling price on it without cash flow and capitalization rates.

Located on the edge of Downtown, the Marriott at the Capitol is a class-A, full-service hotel that offers 365 guestrooms and more than 14,750 sf of meeting space. Other amenities include a 9,600-sf ballroom, 140-seat restaurant, two lounges, health club and indoor pool.

The hotel has been purchased on behalf of Lend Lease’s Value Enhancement Fund IV, a real estate opportunity fund for institutional investors. It is the fourth in a series of closed-enhanced return real estate investment funds designed to take advantage of inefficiencies at varying stages of the real estate cycle. This is the Fund IV’s third hotel acquisition.

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