North Austin Marriot sold to new venture - Bizjournals.com

Dallas-based GVM Hotel Partners announced Wednesday it purchased the 127 room Austin TownPlace Suites by Marriot at 10024 N. Capital of Texas Highway, north from Inland American Hotel Group. The deal was part of a five hotel portfolio that also included hotels in College Station, Houston and a fifth in Birmingham, Ala.

GVM paid $30 million for all five hotels.

This is the first acquisition by GVM. The company was formed to acquire and manage a portfolio of financially distressed select-service, limited-service, and extended-stay premium-branded hotels.

"We believe this asset was a good investment primarily because Austin's market proved to be the second strongest MSA in the United States from volatility to the recession," said Jeremy Robinson, chief operating officer at Varro Hospitality.

Robinson said Austin has the necessary components for hotel demand: government, leisure, major corporations, technology and education.

"Where jobs go, hotels will have higher occupancy. It also helps that this asset is located at the heart of the Golden Triangle, Austin's premier retail area," said Robinson.

Gatehouse Capital is an investor and provides specific investment strategies and oversight for this portfolio and the GVM venture. Gatehouse has developed a $1 billion portfolio of hotels including the W Hotels of Hollywood, Silicon Valley, San Diego and Dallas, as well as The Joule Hotel in Dallas, Hyatt Regency Resort and Marina in Mission Beach, and Aloft Jacksonville Tapestry Park.

GVM is a joint venture between Varro Hospitality LLC, Gatehouse Capital Corp.    Gatehouse Capital Corp. Latest from The Business Journals Dallas investment firms launch hotel venture, M acquisitionBoutique hotels capitalize on coolLost in space: Economy, financing stall major projects Follow this company and Muse Family Office LLC.