Marcus & Millichap Brokers Crowne Plaza Hospitality Asset Sale in Austin

Rhea-AI Summary

Marcus & Millichap (NYSE:MMI) announced the sale of a former Crowne Plaza in Austin, Texas, featuring 293 rooms. The property was purchased by Lockwood Development in 2021 as part of a portfolio sale. The asset, built in 1977, benefits from strong demographics, including a population of 355,470 within a five-mile radius and an average household income of $102,483. The buyer, ASAP Holdings, Inc., plans to convert it into a Delta Marriott to capitalize on Austin's tourism industry.

Positive

• Strong demographics around the property with a population of 355,470 and an average household income of $102,483.
• Purchase by a motivated buyer with plans to convert the property, potentially increasing its value.

Negative

• None.

AUSTIN, Texas--(BUSINESS WIRE)-- Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a former Crowne Plaza with 293 rooms in Austin, Texas.

“This Crowne Plaza was originally purchased in 2021 by Lockwood Development as part of a ten-property portfolio sale,” said Eddy Nevarez, first vice president investments and director of Marcus & Millichap’s Hospitality Division. “Built in 1977, this asset is in a densely populated area outside of Downtown Austin and benefits from strong demographics, including a five-mile population radius of 355,470 with an average household income of $102,483. Marcus & Millichap’s Nevarez was the exclusive agent in this transaction, representing the seller, Lockwood Development Partners LLC, and procured the buyer, ASAP Holdings, Inc. from California.

“ASAP Holdings, Inc. has development plans to convert this asset to a Delta Marriott, as they look to capitalize on the strong tourism and hospitality industry within Austin,” added Nevarez. “The initial purchase of this Crowne Plaza by the sellers was part of a repurposing project for hospitality assets affected by the pandemic. Selling to a motivated buyer with experience in the hospitality industry was integral in what ended up being a momentous sales process.”

Tim Speck is Marcus & Millichap’s broker of record in Texas.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221020006120/en/

Gina Relva, VP of Public Relations

Gina.Relva@marcusmillichap.com

510-999-1284

Source: Marcus & Millichap, Inc.

FAQ

What property did Marcus & Millichap sell in Austin?

Marcus & Millichap sold a former Crowne Plaza with 293 rooms located in Austin, Texas.

Who were the parties involved in the sale of the Crowne Plaza?

The seller was Lockwood Development Partners LLC, while ASAP Holdings, Inc. was the buyer.

What are the future plans for the former Crowne Plaza property?

ASAP Holdings, Inc. plans to convert the Crowne Plaza into a Delta Marriott.

What are the demographics of the area surrounding the sold property?

The area has a population of 355,470 within a five-mile radius and an average household income of $102,483.