Austin's downtown Hyatt Place sold for $87M

Apr 3, 2014
Austin Business Journal

Carey Watermark Investors Inc. has purchased the recently built Hyatt Place Austin Downtown for $87 million

Carey Watermark — a New York-based real estate investment company — cited Austin's status as one of the top performing hotel markets in the U.S., the city's strong growth and the large number of events held in the area as reasons for the purchase, according to a press release. The Hyatt Place Austin Downtown is a 296-room hotel at 211 E. Third St

The 17-story Hyatt Place is Austin's 16th-largest hotel by rooms and was finished in 2013. The company reported a purchase price of $87 million and $3.9 million of acquisition-related costs and minor capital improvements. The acquisition was financed with $56.5 million of debt

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