{"id":1004204504,"date":"2018-01-22T09:45:15","date_gmt":"2018-01-22T17:45:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204504"},"modified":"2022-12-08T08:49:27","modified_gmt":"2022-12-08T16:49:27","slug":"towneplace-suites-in-austin-sells-for-20m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/towneplace-suites-in-austin-sells-for-20m\/","title":{"rendered":"TownePlace Suites in Austin Sells for $20M"},"content":{"rendered":"<p>By Anca Gagiuc<\/p>\n<div id=\"attachment_1004204506\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/marriott.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004204506\" data-attachment-id=\"1004204506\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/towneplace-suites-in-austin-sells-for-20m\/marriott-5\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/marriott.jpg\" data-orig-size=\"750,581\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"marriott\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;TownePlace Suites Austin North Tech Ridge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/marriott.jpg?w=750\" class=\"wp-image-1004204506 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/marriott.jpg\" alt=\"TownePlace Suites Austin North Tech Ridge\" width=\"300\" height=\"232\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/marriott.jpg 750w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/marriott.jpg?resize=300,232 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004204506\" class=\"wp-caption-text\">TownePlace Suites Austin North Tech Ridge<\/p><\/div>\n<p>Condor Hospitality Trust has closed on its previously announced agreement to acquire TownePlace Suites, the 122-key <a href=\"https:\/\/www.commercialsearch.com\/news\/condor-hospitality-picks-up-3-more-hotels\/\">hospitality facility located in Austin<\/a>\u2019s North Tech Ridge submarket. The\u00a0asset fetched\u00a0$19.8 million; Aimbridge Hospitality will continue to manage the property.<\/p>\n<p><em>\u201cThe TownePlace Suites represents the youngest select-service product in the North Tech Ridge submarket, which has numerous and diverse local demand drivers, including Dell\u2019s corporate campus, Samsung\u2019s semiconductor facility and General Motors\u2019 IT innovation facility. As the 31<sup>st<\/sup> largest MSA by population, Austin grew faster than all other large metro areas in the United States over the last five years. This new asset fits perfectly within our acquisition strategy of acquiring newer select-service hotels in fast-growing, top <\/em><em>100 MSAs,\u201d<\/em> Bill Blackham, Condor CEO, said in prepared remarks.<\/p>\n<p>The dog-friendly facility is located at 12427 Tech Ridge Blvd., minutes from the Texas State Capitol, The University of Texas and The Domain. All suites feature high-definition televisions, full kitchens and separate areas for working, cooking and resting. Guests have access to free WiFi, parking and breakfast. Amenities include a 24-hour business center, 24-hour fitness center and a seasonal outdoor pool with fire pit.<\/p>\n<p><em>\u201cAssuming the closing of the Home2 Suites Summerville, which is currently under contract, we will have closed approximately $276 million of acquisitions since the fourth quarter of 2015, representing 14 high-quality premium-branded select-service hotels flagged under the leading Marriott, Hilton and IHG hotel brands,\u201d<\/em> added Blackham.<\/p>\n<p><em>Image courtesy of Condor Hospitality Trust<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset is situated near Dell\u2019s corporate campus, Samsung\u2019s semiconductor facility and General Motor\u2019s IT innovation facility. The Texas State Capitol, The University of Texas and The Domain are located just minutes away from the hotel.<\/p>\n","protected":false},"author":237,"featured_media":1004204506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21743,21751,21783,21742],"tags":[35456,35562,33877],"class_list":["post-1004204504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austin","category-deals","category-hotel","category-investment","category-latest","tag-aimbridge-hospitality","tag-condor-hospitality-trust-inc","tag-marriott"],"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>TownePlace Suites in Austin Sells for $20M - 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\/towneplace-suites-in-austin-sells-for-20m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TownePlace Suites in Austin Sells for $20M\" \/>\n<meta property=\"og:description\" content=\"The asset is situated near Dell\u2019s corporate campus, Samsung\u2019s semiconductor facility and General Motor\u2019s IT innovation facility. 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