JMI Realty acquires Hilton Garden Inn Austin Downtown - hotelbusiness.com

The asset involved in the transaction is a hotel located at 500 North Interstate Hwy 35 in Austin, TX. JMI Realty acquired the hotel for a loan amount of $28,830,000. The property consists of 254 keys and is identified as the Hilton Garden Inn Austin Downtown. JMI Realty plans to renovate the hotel in conjunction with the ongoing $1.6 billion convention center expansion in Austin.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $28,830,000
• Address: 500 North Interstate Hwy 35
• Market: Austin, TX
• Asset Keys: 254
• Landlord: John Kratzer - JMI Realty
• Brokers: Beau Williams & Drew Gilligan - ThirtyFourth Capital
• Loan Type: Acquisition

ThirtyFourth Capital arranged the acquisition loan through a regional bank, indicating a strategic partnership in facilitating the financial aspect of the property transaction. The hotel will be operated by Avion Hospitality following its renovation.