A downtown Austin hotel built in 1985 has traded hands, and the buyer expects to begin a comprehensive renovation. JMI Realty has acquired the Hilton Garden Inn Austin Downtown from Ashford Hospitality Trust. The 254-room hotel sits at 500 N. I-35 between East Fifth and Sixth streets. The transaction was brokered by Hunter Advisors Kami Burnette on behalf of the seller.
The Austin Business Journal reports the property includes just over 9,000 square feet of meeting space and a restaurant. The property is one of the closest hotels to the Convention Center. The planned renovation coincides with the $1.6-billion Austin Convention Center expansion, which will double its size. Avion Hospitality has been selected to manage the Hilton property.
Endeavor Real Estate Group Ltd. last year acquired JMI’s hospitality development team and other assets and liabilities.
Besides the Hilton Garden Inn, The Line Austin and Austin’s Hyatt Centric changed hands of late, as well.
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