AUSTIN, TX—The 260-key Embassy Suites Austin Central has traded in the latest sale of FelCor Lodging Trust's portfolio restructuring. HREC Investment Advisors, which arranged the sale, identifies the buyer as SBCO-BREI Austin Operating Co. LLC. Industry data identifies the buyer behind the LLC as Stonebridge Cos., a development and hospitality management company headquartered in the Denver suburb of Englewood, CO.
Bill Murney, SVP in HREC's Phoenix office and Scott Stephens, COO and senior principal in the company's Tampa office, exclusively represented FCH during the transaction. “The buyers will implement a major renovation to an already successful Embassy Suites and take the asset to the next level in one of the best hotel markets in the country,” Murney says.
The purchase price was not disclosed. However, Real Capital Analytics data identify a range of about $98,000 per key to about $117,000 per key for comparable non-core sales FCH has made since 2015 began.
Last month, FCH sold an Embassy Suites property in San Antonio to Hotel Capital LLC, the second Embassy Suites property in that city that FCH has traded this year. It has also sold Embassy Suites hotels in Raleigh and Charlotte, NC since 2015 began.
The Irving, TX-based REIT specializes in upper-upscale and luxury properties. Over the past two years, it has been a net seller as it divests non-core properties, according to RCA data.
The Austin property was built in 1983, according to CoStar. It's located at the intersection of I-35, the major intersection bisecting Austin, and US 290.
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