Lockwood Development Partners Acquires Austin & Houston Hotel From Marcus & Millichap For $225M

A hotel located at 6121 N Interstate Hwy 35 & 9090 Southwest Freeway in Austin and Houston has been sold in a recent transaction. The property was acquired by Lockwood Development Partners for a sale price of $225,000,000. The hotel spans an area of 1,550,000 square feet, resulting in a price per square foot of $145. The transaction included a total of 2,539 keys, with an average price per key of $88,618.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $225,000,000
• Address: 6121 N Interstate Hwy 35 & 9090 Southwest Freeway
• Market: Austin & Houston
• Square Footage: 1,550,000
• Price per Square Foot: $145
• Number of Keys: 2,539
• Price per Key: $88,618

The sale of this hotel was facilitated by Marcus & Millichap, with brokers Ryan Nee, John Leonard, Mickey Davis, Michael Glass, Mark McCoy, Sean Beuche, Jody McKibben, Timothy Speck, and Eddy Nevarez representing the buyer, Lockwood Development Partners.