{"id":1004094111,"date":"2014-04-04T10:02:13","date_gmt":"2014-04-04T18:02:13","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=252073"},"modified":"2022-12-05T11:16:28","modified_gmt":"2022-12-05T19:16:28","slug":"hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\/","title":{"rendered":"Hyatt Place Austin Downtown Purchased by Carey Watermark Investors for $87 Million"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Anca Gagiuc, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Hyatt Place Austin Downtown, the 296-room upscale select-service hotel located at 211 East 3<sup>rd<\/sup> Street was recently acquired by non-traded REIT Carey Watermark Investors. The hotel was ranked best in its category for the second year in a row by Business Travel News 2013 Hotel Chain Survey, and received the \u201cHighest in Guest Satisfaction Among Upscale Hotel Chains\u201d recognition by J.D. Power in 2013.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-medium wp-image-252074\" title=\"CAREY WATERMARK INVESTORS INCORPORATED HYATT PLACE AUSTIN DOWNTOWN\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Hyatt-Austin.jpg\" alt=\"\" width=\"214\" height=\"300\" \/><\/p>\n<p style=\"text-align: justify\">&#8220;The acquisition of the Hyatt Place Austin Downtown represented an opportunity to invest in a newly built, high quality, select-service property in one of the strongest domestic hotel markets,&#8221; says\u00a0Michael Medzigian, Chief Executive Officer of CWI. &#8220;As the first newly built Hyatt-branded hotel in downtown Austin in 30 years, we believe the property is well positioned to capture market share.\u00a0 Given the attractive purchase price, central Austin location and exciting growth prospects of the Austin market, we believe that the investment will be a solid cash flow-generating addition to our portfolio.&#8221;<\/p>\n<p style=\"text-align: justify\">Hyatt Place Austin Downtown is located in the heart of the \u201cFastest Growing City in America\u201d (Forbes Magazine 2013), close to the Austin Convention Center, the Sixth Street entertainment district, the State Capitol building, and the University of Texas campus. Companies such as Dell, Apple, AMD, Whole Foods, Silicon Labs, and over 50 restaurants are nearby, and the Austin-Bergstrom International Airport is only 15 minutes away.<\/p>\n<p style=\"text-align: justify\">The property was built in 2013 and is comprised of 17 stories with 1,800 square feet of high-tech meeting and function place. Amenities include an indoor pool, StayFit at Hyatt fitness center, free Wi-Fi, and free public computers with remote printing throughout the hotel.<\/p>\n<p style=\"text-align: justify\">The sale price was of $87 million and $3.9 million of acquisition-related costs and minor improvements; the transaction was financed with $56.5 million of debt. White Lodging Services Corporation will continue to operate the hotel under a long term management agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyatt Place Austin Downtown, the 296-room upscale select-service hotel located at 211 East 3rd Street was recently acquired by non-traded REIT Carey Watermark Investors. The hotel was ranked best in its category for the second year in a row by Business Travel News 2013 Hotel Chain Survey, and received the &ldquo;Highest in Guest Satisfaction Among Upscale Hotel Chains&rdquo; recognition by J.D. Power in 2013.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[39411,1815],"class_list":["post-1004094111","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest","tag-austin","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hyatt Place Austin Downtown Purchased by Carey Watermark Investors for $87 Million - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyatt Place Austin Downtown Purchased by Carey Watermark Investors for $87 Million\" \/>\n<meta property=\"og:description\" content=\"Hyatt Place Austin Downtown, the 296-room upscale select-service hotel located at 211 East 3rd Street was recently acquired by non-traded REIT Carey Watermark Investors. The hotel was ranked best in its category for the second year in a row by Business Travel News 2013 Hotel Chain Survey, and received the &ldquo;Highest in Guest Satisfaction Among Upscale Hotel Chains&rdquo; recognition by J.D. Power in 2013.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-04T18:02:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T19:16:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/04\/Hyatt-Austin.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Hyatt Place Austin Downtown Purchased by Carey Watermark Investors for $87 Million\",\"datePublished\":\"2014-04-04T18:02:13+00:00\",\"dateModified\":\"2022-12-05T19:16:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/\"},\"wordCount\":311,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/04\\\/Hyatt-Austin.jpg\",\"keywords\":[\"Austin\",\"National\"],\"articleSection\":[\"Austin\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/hyatt-place-austin-downtown-purchased-by-carey-watermark-investors-for-87-million\\\/\",\"name\":\"Hyatt Place Austin Downtown Purchased by Carey Watermark Investors for $87 Million - 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