Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Axton Group Acquires Renaissance Austin Hotel
An affiliate of the Axton Group recently closed on the acquisition of the Renaissance Austin Hotel for $70 million. The 492-room, full-service hotel in north Austin is one of the city’s largest hotels, and was acquired at more than a 50% discount to replacement costs.
In common with most lodging properties nationwide, Renaissance Austin Hotel’s occupancy is currently low as a result of COVID-19. However, Axton notes that Austin one of the fastest growing cities in the country, with booming growth in the technology, medical and biotech sectors, and other major tenants and employers.
Andrew Slusser, principal at Axton, said, “Our purchase of the Renaissance Austin Hotel reflects the reduced capital availability in the hospitality industry. We see great value at our point of entry and expect the property to return to and grow its pre-COVID earnings over the coming years.” Marriott will continue to manage the property.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
