- 2016-vintage, 305-room dual-branded hotel property (Hotel Indigo/Holiday Inn Express 7 Suites) in downtown Austin, TX.
- Located in one of the last remaining paths of redevelopment near the Austin Central Business District.
- Undertake required physical and operational enhancements in order to optimize financial performance.
- Replace existing hotel management with a “boutique” operator in a fee structure that aligned the management’s economics with ownership.
- Implement multi-million dollar investment to address infrastructure deficiencies, refine interior design, and reconcept food & beverage offerings.
- Better position the asset for clientele of: business travelers visiting the surrounding office, government, education and convention centers; and leisure travelers looking for a “lifestyle” hotel in Austin’s famous music and nightlife district.
- Immediate operational changes resulted in double-digit cash-on-cash returns even prior to the completion of most of the physical improvements to the asset.
- Overhaul of the asset to be completed in late 2018 with expected significant enhancements to financial performance.