Austin Hotel Changes Hands, to be Revamped and Rebranded
ASAP Holdings picked up a $32 million acquisition loan to finance the purchase and redevelopment of the Radisson Austin North Hotel. Lockwood Companies was the seller of the property which was sold for $38.5 million. Beach Point Capital Management and Maxim Capital Group provided the acquisition and redevelopment loan.
The property is five minutes from downtown Austin and 3.5 miles from the University of Texas. Located at 6121 North Interstate Highway 35, the hotel is situated on a 7.9-acre site with 515,000 square feet available for future development. ASAP is planning to implement a capital improvement plan to upgrade, modernize and rebrand the hotel under the Marriott label. The hotel was previously known as Crowne Plaza before Lockwood acquired it in June 2021 and changed to the Radisson brand. ASAP also has plans to construct a multifamily project on the property.
Marcus & Millichap’s Eddy Nevarez represented the seller and procured the buyer.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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