The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
October 22, 2020
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
JRK Property Holdings Acquires Marriott Hotel Portfolio in $65 Mil Deal


JRK Property Holdings has acquired a five-property Marriott hotel portfolio in Austin, TX from an affiliate of RLJ Lodging Trust. The acquisition marks the debut purchase originated by the firm’s inaugural $350 mil hospitality fund.

The $65 mil all-cash purchase also marks the first multi-property hotel deal the Los Angeles-based real estate investment firm, known for its $6 bil in multifamily holdings and several successful syndicated hotel transactions, has made in the hospitality arena.

JRK’s $350 mil Hospitality Fund, its 7th fund overall and first dedicated hotel fund, will focus on full- and select-service hotels for value-add and core plus investments in the nation’s top 25 markets. The fund targets transactions of more than $25 mil and up to as large as $3 bil for portfolios, which would be made through its fully discretionary fund comprised of high-net worth individuals or through joint ventures with strategic partners.

The Marriott Austin Portfolio totals a combined 602 rooms across five premium-branded hotels located on one contiguous lot in South Austin. The hotels are situated less than a 10-minute drive from both downtown Austin and the Austin-Bergstrom International Airport, along Interstate 35. The assets include a Marriott, Courtyard, Residence Inn, SpringHill Suites, and Fairfield Inn & Suites.

JRK will be investing more than $40k per key on strategic capital improvements for the hotels, which originally opened between 1996 and 2001. Renovations will include complete room and common area upgrades as well as an enhanced food and beverage program across the portfolio.

“Given the success we’ve had with syndicated hotel deals throughout the past decade, there was a growing interest from our investors to start a dedicated platform for hospitality-specific ventures,” said Matt Lippman, Executive Vice President of JRK Investors, the real estate investment arm of JRK Property Holdings. “The ability to buy a primely located portfolio of Marriott-branded assets in Austin with a significant value add component was one we could not pass up and is an example of the type of high-yield opportunities we will continue to seek on behalf of our investors.”

Austin is one of the fastest growing areas in the nation, attracting a young, vibrant population and has become a hub for high-tech companies, including Oracle, Facebook and IBM, which maintain a sizable and growing employee base. The state capital also hosts internationally-known annual concerts and events, including South by Southwest (SXSW) and the Austin City Limits music festival (ACL), drawing a consistent flow of visitors throughout the year.

JLL handled the transaction on behalf of the seller, while JRK was self-represented.

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media