AUSTIN - The 365-room Sheraton Austin Hotel at the Capitol has been purchased by Carey Watermark Investors Inc. (CWI) in a joint venture with JMI Realty (JMI). The hotel, located downtown at 701 E. 11th St., will receive an approximately $6 million renovation.
The hotel features more than 17,000 sf of meeting space. Management of the property will remain in the hands of an affiliate of HEI Hotels & Resorts.
CWI, the majority owner of the full-service hotel with an 80 percent stake, has not disclosed the financial terms of the transaction. The 15-story property last changed hands in 2011 when Cornerstone Real Estate Advisers purchased it from HEI for $95.2 million.
CWI also recently purchased the 296-room Hyatt Place Austin Downtown at the beginning of April for $87 million.
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