Austin Hotel Sales

Hotel sales tick up in Austin, including pair of properties destined to become apartments

Two former discount motels are slated to be transformed into apartment complexes with hundreds of micro units.

That’s according to representatives with CBRE Group Inc. who brokered the sales of the Austin Suites Hotel at 8300 N. I-35 and the Econo Lodge Austin at 6911 N. I-35.

The apartment complexes will have nearly 500 micro-apartments between them, CBRE reps said, measuring somewhere in the realm of 300 square feet each.

The buyer for both properties appears to be Austin-based Artesia Real Estate, although the company did not respond to a request for comment and CBRE declined to identify the buyer.

The two motels seem to have shut down. Phone numbers listed for the Austin Suites Hotel and the Econo Lodge were either disconnected or never answered.

The deals are part of an uptick in regional hotel sales this year. There were 21 hotel sales in the first three quarters of 2018, up from 15 in the first three quarters of 2017, according to CBRE.

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