AUSTIN, TX- Steady population growth in Austin influenced Houston-based Moody National REIT 1 Inc. to acquire a Hampton Inn in Austin for $15.4 million with a 9.3% in-place cap rate. The REIT has plans for a $1 million of capital improvements on the property in line with Hilton's Forever Young Initiative that is being rolled out across the Hampton brand.
The 123-room Hampton Inn Austin/Airport Area South is located six miles from the Austin's main airport. According to an 8-K disclosing the transaction, Moody National cited population as the driver for the Austin purchase. In 2012 the Census Bureau showed the Austin-Round Rock-San Marcos region grew faster than any other large U.S. metropolitan area, reports Moody National.
“Austin is a very robust market and it fits nicely into our portfolio of premier-branded, upscale hotels by Hilton, Hyatt and Marriott,” said Moody National CEO Brett Moody. “The property was well-priced and will be well positioned after the renovations.”
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