HOUSTON, TX, December 21, 2023: HVS Brokerage & Advisory announces the sale of the 51-key Quality Suites South Austin, located at 1701 East Saint Elmo Road Austin, Texas 78744.
The property, built in 1999, was purchased by Celestial Dreams, LLC, based in Fort Myers, Florida, from Door Capital Partners, based in Austin, Texas.
“We are pleased to announce the completion of a second transaction this year with the Door Capital Partners team. Given the growth in Austin subsequent to the COVID pandemic, the high barriers to entry, and the scarcity of smaller limited-service hotel assets available in the market, we received a great deal of interest in this property. HVS’s national marketing campaign yielded over ten offers, predominantly from out-of-state investors. By collaborating closely with all parties during the escrow process, we completed the transaction before year-end 2023,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
The property benefits from its strategic location off the frontage road along Interstate 35, near multiple demand generators including Tesla, Google, Apple, Oracle, Intel, Facebook, The University of Texas, Dell Computers Corporation, and Warner Brothers, as well as the regional office for the Internal Revenue Service (IRS). The hotel is well positioned to benefit from the ongoing commercial developments in South Austin, including the 43-acre South Boggy Creek mixed-use project.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, & Kyle Peterek participated in this transaction.
Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620
The property, built in 1999, was purchased by Celestial Dreams, LLC, based in Fort Myers, Florida, from Door Capital Partners, based in Austin, Texas.
“We are pleased to announce the completion of a second transaction this year with the Door Capital Partners team. Given the growth in Austin subsequent to the COVID pandemic, the high barriers to entry, and the scarcity of smaller limited-service hotel assets available in the market, we received a great deal of interest in this property. HVS’s national marketing campaign yielded over ten offers, predominantly from out-of-state investors. By collaborating closely with all parties during the escrow process, we completed the transaction before year-end 2023,” said James Rebullida, Vice President of HVS Brokerage & Advisory.
The property benefits from its strategic location off the frontage road along Interstate 35, near multiple demand generators including Tesla, Google, Apple, Oracle, Intel, Facebook, The University of Texas, Dell Computers Corporation, and Warner Brothers, as well as the regional office for the Internal Revenue Service (IRS). The hotel is well positioned to benefit from the ongoing commercial developments in South Austin, including the 43-acre South Boggy Creek mixed-use project.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh, & Kyle Peterek participated in this transaction.
About HVS Brokerage & Advisory
The Brokerage & Advisory division is a specialized group within HVS that offers services related to investment sales and capital markets, focused exclusively on the hospitality industry. With a global footprint and over 40 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want.Media Contact:
Lizzette Casarin
Senior Marketing Director
[email protected]
+1 (720) 244-7620