Moody National REIT I, Inc. has agreed to acquire the Hilton Garden Inn Northwest Arboretum, a hotel property in Austin, Texas, for an aggregate purchase price of $29.25 million, excluding acquisition costs.
The Hilton Garden Inn is a five-story, 138-room hotel located in Austin’s Northwest/Arboretum corridor just off US 183. Built in 2002, the Hilton Garden Inn has been recently enhanced by a comprehensive multi-year capital program renovation.
The hotel’s location along US 183, North Austin’s major thoroughfare, places it within a five-mile radius of over 21 million square feet of office space, which is home to tenants such as Apple and Xerox Corporation, and The Domain, one of Austin’s largest mixed-use developments. In addition, numerous medical facilities are located south of the hotel, including the 332-bed St. David’s North Austin Medical Center, the adjacent St. David’s Women’s Center of Texas, and Northwest Surgery Center.
Moody National REIT I intends to finance the acquisition of the Hilton Garden Inn with proceeds from its ongoing public offering and mortgage indebtedness secured by the Hilton Garden Inn.
The acquisition of the Hilton Garden Inn is subject to substantial conditions to closing, and there are no assurances that the company will close on the acquisition.