Lockwood Development Partners Sells Crowne Plaza in Austin

Lockwood Development Partners sold a former Crowne Plaza with 293 rooms in Austin, Texas to California-based ASAP Holdings.

Marcus & Millichap’s Eddy Nevarez was the exclusive agent in this transaction, representing the seller and procuring the buyer.

“This Crowne Plaza was originally purchased in 2021 by Lockwood Development as part of a ten-property portfolio sale,” said 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 of 355,470 with an average household income of $102,483.

“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.