JRK Property Pays $65M for Austin Marriott Hotel Portfolio

JRK Property Holdings paid $65 million to acquire a 602-key, five-property hotel portfolio on Austin’s south side. The Southern California buyer struck the deal with seller RLJ Lodging Trust for the portfolio, which includes a Marriott, Courtyard, Residence Inn, SpringHill Suites and Fairfield Inn & Suites on a contiguous lot that fronts Interstate 35. The buy is JRK’s first from its inaugural $350 million hospitality fund.

The new owner will invest more than $40,000 per room on capital improvements for the hotels, which opened between 1996 and 2001. Renovations will include room and common area upgrades, and an enhanced food-and-beverage program across the portfolio.

“The ability to buy a primely-located portfolio of Marriott-branded assets in Austin with a significant value add component was one we could not pass up, and is an example of the type of high-yield opportunities we will continue to seek on behalf of our investors,” said Matt Lippman with JRK.

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