Houston-based Moody National REIT is under contract to purchase the Hilton Garden Inn near the Arboretum in Austin, Texas, for $29.25 million, reports the Austin Business Journal. It also reports that the Travis Central Appraisal District values the 138-room hotel and adjacent land at $13.76 million.
The non-traded REIT indicated that certain criteria must be met before the property would close, including the sale of sufficient common stock to fund a portion of the purchase price.
When finalized, Moody said it intends to invest in upgrades “to bring the hotel in compliance with the latest Hilton Garden Inn brand standards,” the release stated.
The hotel was built in 2002. Allegre Hospitality in Round Rock owned the hotel from 2001 to 2013, according to records at the Travis Central Appraisal District.
WS Arboretum JV LLC in Greenwich, Connecticut, purchased it in July 2013.