REIT Readies to Purchase Tennessee Hyatt Place

HOUSTON-Moody National REIT I Inc. launched its 2013 activities by entering into a purchase agreement with Silver Cos. of Florida to acquire the 127-room Hyatt Place in Germantown, TN. The Houston REIT, an affiliate of Moody National Cos., will pay $11.3 million at closing.

The buyer plans to pay for the hotel at 9161 Winchester Rd. with help from proceeds resulting from its ongoing public offering and approximately $7.6 million of indebtedness secured by the property, which opened for business in August, 2009. Germantown is a suburb of Memphis, and is close to FedEx‘s world headquarters, which is one reason, according to Brett Moody, that the hospitality asset appealed to the REIT.