Brookfield Procures $90M Refi on Austin Hotel

CIM Group closed a $90 million whole loan to Brookfield Asset Management to refinance Downright Austin, a Renaissance Hotel in downtown Austin. Under Brookfield’s ownership, the hotel underwent a major renovation that included upgrades to all guest rooms, the expansion of the public spaces and improved amenities including the addition of Morning Bird, a breakfast and lunch cafe, and Swim Club, a poolside bar and restaurant.

Downright Austin is a 16-story, 367-room, full-service hotel located at 701 East 11^th Street. Its amenities include a fitness center, outdoor pool, café, on-site bar and restaurant, indoor/outdoor event space, and valet and on-site parking.

The hotel features 17,018 square feet of indoor meeting space and 13,000 square feet of outdoor event space. Following the completion of the renovation the hotel rebranded within Marriott’s brand system, going from Sheraton to a long-term franchise agreement under the Renaissance brand.