Moody National REIT II Acquires Residence Inn Austin University

Moody National REIT II Inc., a publicly registered non-traded real estate investment trust, acquired the Marriott Residence Inn Austin-University Area hotel for $25.5 million, excluding closing costs.

Earlier this month, The DI Wire reported that Moody National REIT I transferred its acquisition rights of the property to Moody National REIT II.

The recently developed Residence Inn Austin is a select-service hotel comprised of 112 guest rooms. Prominently located off I-35 and 51st Street, the hotel opened on January 14, 2014, and benefits from its close proximity to the University of Texas campus, Dell Children’s Hospital, Seton Medical corporate headquarters and the Texas State Capitol.

“We are pleased to announce the acquisition of the Residence Inn Austin. This acquisition demonstrates all the characteristics of our acquisition model: it is a newly constructed, Class A asset located in a major metropolitan market, near the University of Texas, and 3 blocks from the Dell Children’s Hospital. The Residence Inn Austin appraised $2 million above the purchase price,” commented Brett Moody, chief executive officer and chairman of Moody REIT II.

According to Forbes magazine, Austin has been ranked as one of the nation’s fastest growing cities in both 2014 and 2015 respectively. In addition to serving as a hub of technology and education, Austin is also famous for its natural beauty, live music, and cultural creativity. Therefore, the hotel is positioned to capitalize on demand from both business and leisure travelers.

Moody National REIT II acquires select-service hotels in major markets across the United States. Moody National REIT II, Inc. is sponsored by Moody National REIT Sponsor, LLC, an affiliate of the Moody National Companies, a full-service commercial real estate company inclusive of mortgage, development, management, realty, title, and insurance divisions. Founded in 1996, Moody National Companies has managed more than $2 billion in commercial real estate.

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