Waramaug Hospitality, in a joint venture with Franklin Real Asset Advisors, has acquired the Austin Marriott North, a 295-key full-service hotel in Round Rock, Texas, close to downtown Austin. Terms of the transaction were not disclosed.
"The Austin Marriott North perfectly aligns with our vision of investing in premium-branded hotels in high-growth markets," Waramaug Chief Executive Officer Ferit Ferhangil said in a statement. "This acquisition further solidifies our commitment to delivering exceptional hospitality experiences while maximizing returns for our partners and investors."
"The transaction represents a compelling opportunity to access one of the leading hospitality markets in the United States on behalf of our institutional investors. In addition, we have identified several value-add initiatives that we believe will create long-term value," said Marc Weidner, managing director of Franklin Real Asset Advisors.