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Follow on Google News | JRK Property Holdings Acquires Portfolio of Marriott Hotels in Austin, TX for $65 MillionThe transaction is the firm's first acquisition in its newly raised $350 Million Hospitality Fund
By: JRK Property Holdings The $65 million all-cash purchase also marks the first multi-property hotel deal the Los Angeles-based real estate investment firm, known for its $6 billion in multifamily holdings and several successful syndicated hotel transactions, has made in the hospitality arena. JRK's $350 million Hospitality Fund, it's 7thfund overall and first dedicated hotel fund, will focus on full- and select-service hotels for value-add and core plus investments in the nation's top 25 markets. The fund targets transactions of more than $25 million and up to as large as $3 billion for portfolios, which would be made through its fully discretionary fund comprised of high-net worth individuals or through joint ventures with strategic partners. The Marriott Austin Portfolio totals a combined 602 rooms across five premium-branded hotels located on one contiguous lot in South Austin. The hotels are situated less than a 10-minute drive from both downtown Austin and theAustin-Bergstrom International Airport, along Interstate 35. The assets include a Marriott, Courtyard, Residence Inn, SpringHill Suites, and Fairfield Inn & Suites. JRK will be investing more than $40,000 per keyon strategic capital improvements for the hotels, which originally opened between 1996 and 2001. Renovations will include complete room and common area upgrades as well as an enhanced food and beverage program across the portfolio. "Given the success we've had with syndicated hotel deals throughout the past decade, there was a growing interest from our investors to start a dedicated platform for hospitality- JLL handled the transaction on behalf of the seller, while JRK (http://www.jrk.com) was self-represented. End
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