Mohr Capital, a Dallas-based privately held real estate investment firm, acquired the 350-room DoubleTree by Hilton Austin at 6505 N. Interstate 35 in Austin, Texas, for an undisclosed amount. The acquisition marks Mohr Capital's first hospitality investment.
The six-story hotel contains almost 25,000 square feet of meeting space including a ballroom. This ballroom will be upgraded along with the guest rooms, elevators and common spaces. In all, Mohr Capital plans to invest $11 million to upgrade the property, which is ideally located near the intersection of Interstate 35 and U.S. Highway 290 in Central Austin. As part of the acquisition process, Mohr Capital brought in HEI Hotels & Resorts to manage the hotel on its behalf.
The Austin hotel market is among the top three markets in the U.S., attracting a great deal of hotel development as the economic recovery continues, according to CBRE Hotels Research. The Austin market will see its room inventory grow more than 4 percent in 2022. Austin is also forecast to achieve the greatest gains in demand while enjoying the greatest percentage increases in occupancy this year.
The DoubleTree is three miles from both downtown and the University of Texas at Austin, and only 20 minutes from Austin Bergstrom International Airport. Austin hot spots like Zilker Park, South Congress and The Domain are all within a 20-minute drive.
Mohr Capital purchased the hotel from an undisclosed international real estate investment firm. Norwalk, Connecticut -based HEI Hotels & Resorts, a leading privately held hotel investment and third-party management company, is Mohr Capital's hotel manager.
Hodges Ward Elliott Managing Director John Bourret and Director Austin Brooks represented the seller.
6505 N Interstate Hwy 35
Austin, TX 78752