Moody National REIT II to Buy Austin Hotel for $25.5 Million

Moody National REIT I Inc., a publicly registered non-traded real estate investment trust focused on hospitality properties, has transferred its acquisition rights to the Residence Inn University Area Austin in Texas to Moody National REIT II. Moody I entered into an agreement to purchase the property from an unaffiliated seller for $25.5 million, excluding acquisition costs.

Last week, the company assigned all of its rights to and interests in the purchase agreement to Moody National REIT II, another non-traded REIT sponsored by the company. Moody National REIT I did not receive any compensation in connection with the assignment of the purchase agreement.

The Residence Inn Austin is a select-service hotel facility comprised of 112 guest rooms that opened in January 2014. It is within close proximity to the University of Texas campus, Dell Children’s Hospital, Seton Medical corporate headquarters and the Texas State Capitol.

Last month, the REIT sold the TownePlace Suites Hotel in Newark, California for $24.5 million.

Moody National REIT II is a real estate investment trust that owns select-service hotels in major markets across the United States. The REIT is sponsored by Moody REIT Sponsor LLC, an affiliate of the Moody National Companies, which is a full-service commercial real estate company inclusive of mortgage, development, realty and title divisions. Founded in 1996, Moody National Companies has managed more than $2 billion in commercial real estate.

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