Mohr Capital Acquires DoubleTree By Hilton Austin In Central Austin
6505 North Interstate 35, Austin, Texas 78752, United States
Building Size
—
Asset Type
Hotel
Closing
May 17, 2022
AI
The property involved in this transaction is the 350-room DoubleTree by Hilton Austin, located at 6505 N. Interstate 35 in Austin, Texas. The hotel features a six-story structure with almost 25,000 square feet of meeting space, including a ballroom. The property is positioned near the intersection of Interstate 35 and U.S. Highway 290 in Central Austin, and Mohr Capital plans to invest $11 million to upgrade various aspects of the hotel including the ballroom, guest rooms, elevators, and common spaces.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: Undisclosed
- Address: 6505 N Interstate Hwy 35
- Market: Austin
- Keys: 250
- Buyer: Mohr Capital
- Broker Representatives: John Bourret & Austin Brooks - Hodges Ward Elliott
Mohr Capital is a Dallas-based privately held real estate investment firm that completed this acquisition as its first hospitality investment. The firm has engaged HEI Hotels & Resorts to manage the hotel on its behalf.
Players
Austin Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93