Houston investment trust under contract to purchase Arboretum hotel

Sep 30, 2014
Austin Business Journal

Houston-based Moody National REIT is under contract to purchase the Hilton Garden Inn at 11617 Research Blvd. near the Arboretum. The offer is for $29.25 million, according to a news release

The Travis Central Appraisal District values the 138-room hotel and adjacent land at $13.76 million

The non-traded real estate investment trust 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

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