AUSTIN - Hampton Inn in Austin has been acquired by Houston-based Moody National REIT 1 Inc. for $15.4 million with a 9.3 percent in-place cap rate. The 123-room Hampton Inn Austin/Airport Area South is located at 4141 Governors Row, six miles from the Austin's main airport.
The REIT has plans for $1 million of capital improvements on the property in line with Hilton’s Forever Young Initiative that is being rolled out across the Hampton brand.
The Forever Young Initiative requires existing hotels to upgrade guestrooms and baths that will feature moveable desks and ottomans, uniquely positioned power outlets and upgraded space-efficiency.
Read more at GlobeSt.com.
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