Moody National REIT II Acquires Residence Inn Austin University for $25.5 Million
HOUSTON, TX. October 26, 2015 - Moody National REIT II, Inc. ("REIT II"), announced on October 15, 2015 that it has acquired the Marriott Residence Inn Austin-University Area hotel (the "Residence Inn Austin") for $25.5 million, excluding closing costs.
The recently developed Residence Inn Austin is a select-service hotel comprised of 112 guest rooms. Prominently located off I-35 and 51st Street, the hotel opened on January 14, 2014, and benefits from its close proximity to the University of Texas campus, Dell Children's Hospital, Seton Medical corporate headquarters and the Texas State Capitol.
"We are pleased to announce the acquisition of the Residence Inn Austin. This acquisition demonstrates all the characteristics of our acquisition model: it is a newly constructed, class-A asset located in a major metropolitan market, near the University of Texas, and 3 blocks from the Dell Children's Hospital. The Residence Inn Austin appraised $2 million above the purchase price," commented Brett Moody, CEO and Chairman of REIT II.
According to Forbes magazine, Austin has been ranked as one of the nation's fastest growing cities in both 2014 and 2015 respectively. In addition to serving as a hub of technology and education, Austin is also famous for its natural beauty, live music, and cultural creativity. Therefore, the hotel is positioned to capitalize on demand from both business and leisure travelers.
About Moody National REIT II, Inc.
Moody National REIT II, Inc. is a publicly registered, non-listed REIT that acquires select-service hotels in major markets across the United States. Moody National REIT II, Inc. is sponsored by Moody National REIT Sponsor, LLC, an affiliate of the Moody National Companies, a full-service commercial real estate company inclusive of mortgage, development, management, realty, title, and insurance divisions. Founded in 1996, Moody National Companies has managed over $2 billion in commercial real estate.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
