NW Austin Holiday Inn $13.5M saleNW Austin Holiday Inn $13.5M salehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=38462014-06-23T14:23:00Z2014-06-23T00:00:00Z

AUSTIN - The 194-room Holiday Inn Austin NW Arboretum Area has been sold for approximately $13.5 million, or $70,000 per key. The hotel is located at 8901 Business Park Dr., near the intersection of the MoPac Expy. and SH 183.

RLJ Lodging Trust sold the hotel, which it purchased in 2006 as part of a 100-hotel portfolio. The property was built in 1984.

The sale price represents approximately a 7.9 percent capitalization rate on the hotel’s 2014 net operating income, fully loaded for pending capital expenditures.

The Holiday Inn had a 2013 revenue per available room (“RevPAR”) that represents a discount of more than 27 percent to RLJ’s pro forma RevPAR reported for 2013.

RLJ Lodging Trust is a self-advised, publicly traded real estate investment trust. With the sale, RLJ owns 147 properties comprising 145 hotels in 21 states and the District of Columbia.

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