Staybridge Suites Hotel In South Austin Sold

SOUTH AUSTIN, TX — CBRE Hotels arranged the sale of Staybridge Suites, a limited-service hotel in South Austin, officials said Wednesday.

Mid Continent Hospitality purchased the hotel at 901 Little Texas Lane off Highway 35 from STAR SR LLC for an undisclosed price, according to a press advisory. Michael Yu, Rahul Bijlani and Dennis Drake with CBRE Hotels, represented the seller. Michael Yu and Rahul Bijlani also represented the buyer, along with Agrama Mannapperuma, also with CBRE.

“This is our third closing with Michael, Rahul and Dennis at CBRE Hotels," Bankim Bhatt of STAR SR LLC said in a prepared statement. "We returned for their ability to generate strong, competitive interest in our properties.”

Added Yu: “Austin continues to be the top market for hotel investment in the state of Texas. Due to this, we were able to secure multiple competitive offers and achieve a quick sale at a very compelling price.”

Minhas Ladiwalla of Mid Continent Hospitality noted the brisk pace of development in South Austin as an appealing dynamic that informed the transaction: “We think that south Austin is one of the most vibrant, fastest growing parts of the city, and we are excited to enter its hospitality sector. Staybridge Suites by InterContinental Hotels Group is a leading extended-stay brand, and we look forward to partnering with them to support local businesses and travelers,” he said.

CBRE Hotels is a specialized group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices worldwide.

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