AUSTIN, TX—The Renaissance Austin Hotel, a 492-room full-service hotel in north Austin, is one of the city's largest hotels, with 88 suites as well as views of the Texas Hill Country and downtown skyline. The hotel features 77,600 square feet of indoor/outdoor meeting and event facilities.

An affiliate of The Axton Group recently closed on the acquisition of the Renaissance Austin Hotel for $70 million. The hotel will continue to be managed by Marriott under the Renaissance Brand.

The purchase price of the hotel represents more than a 50% discount to replacement cost. Like all hotels across the country, Renaissance Austin Hotel's low occupancy is a result of COVID-19.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.