Lockwood Development Partners sold a former Crowne Plaza with 293 rooms in Austin, Texas to California-based ASAP Holdings.
Marcus & Millichap's Eddy Nevarez was the exclusive agent in this transaction, representing the seller and procuring the buyer.
"This Crowne Plaza was originally purchased in 2021 by Lockwood Development as part of a ten-property portfolio sale," said Nevarez, first vice president investments and director of Marcus & Millichap's Hospitality Division. "Built in 1977, this asset is in a densely populated area outside of Downtown Austin and benefits from strong demographics, including a five-mile population of 355,470 with an average household income of $102,483.
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