HFF announces the sale of DoubleTree by Hilton Hotel Austin Northwest Arboretum, a 194-room, full-service hotel adjacent to two of Austin’s most dynamic mixed-use developments, The Domain and The Arboretum.
The HFF team marketed the property on behalf of the seller, Driftwood Hospitality Management. Pinnacle Hotels USA purchased the property unencumbered of the existing management contract.
DoubleTree by Hilton Hotel Austin Northwest Arboretum is located at 8901 Business Park Drive at the intersection of two of Austin’s most trafficked thoroughfares, Mopac Expressway (Loop 1) and U.S. Highway 183. Located in Austin’s Northwest corridor, the hotel is adjacent to The Domain and The Arboretum mixed-use developments and surrounded by 16.8 million square feet of office space and 12.7 million square feet of retail space within a three-mile radius, an area known as “Austin’s Second Downtown.” Completed in 1984, DoubleTree by Hilton Hotel Austin Northwest Arboretum underwent a transformative renovation and brand conversion in 2015. The four-story hotel features The Overlook restaurant, 6,600 square feet of flexible meeting and event space, the Centre Lounge lobby bar, outdoor pool, 24-hour business center, fitness center and walk-in Pavilion Pantry Market.
The HFF investment advisory team representing the seller included managing director John Bourret, director Austin Brooks and senior managing director and head of HFF’s hotel group Daniel C. Peek.
Pinnacle President/CEO Barry Lall indicated that they were extremely pleased and excited to add a second DoubleTree in the Austin market.
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.
About Driftwood Hospitality Management, LLC
Driftwood Hospitality Management is a leading hotel management company currently operating approximately 50 hotels with more than 9,500 rooms throughout the United States and Costa Rica. The company’s portfolio includes a broad cross-section of branded hotels ranging from large full-service to mid-size, extended stay and limited-service properties, as well as independent hotels, boutiques and resorts. Members of the company's senior management team have an average of 30 years of experience in all segments of the lodging industry and have proven highly successful in the development of new hotels and hotel takeovers, as well as re-positioning and optimization of hotel operations. Driftwood has extensive management experience and relationships with most major brands, including Hilton Worldwide, Marriott International, Starwood Hotels & Resorts Worldwide, InterContinental Hotels Group, Inc., Choice Hotels International, Inc. and Wyndham Worldwide, and has successfully cultivated long-term relationships with some of the most renowned institutional investors and banking institutions in the world. Learn more at www.driftwoodhospitality.com.
About Pinnacle Hotels USA
Since its formation in 1998, Pinnacle Hotels USA’s core competency has been to identify and acquire underperforming hotels that have the potential for value enhancement by immediately increasing net operating income. The company has also sought to build quality hotels in select, competitively defensible locations. Pinnacle maintains its corporate headquarters in San Diego, California and owns and manages hotels affiliated with Marriott, Hilton and Hyatt Regency. Learn more at http://pinnaclehotelsusa.com.
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
