Offer Due Date is December 11, 2020
Building Attributes: The upper-midscale Wyndham Garden Austin is a 210-room full-service property spanning across five stories. The hotel features over 10,500 square feet of meeting space, 20 poolside casitas, the ReVive restaurant, the ReWind bar and lounge, and the Eat, Refresh Live Wyndham Cafe.
Prime Location: Minutes from the Austin Bergstrom International Airport and Downtown Austin, the Wyndham Garden is positioned in an excellent location to cater to business and leisure demand. At the intersection of Woodward Street and Interstate 35, the hotel sees an abundance of daily traffic with average cars per day count that exceeds 177,034 on Interstate 35 and 138,653 on Highway 71.
Prominent Market: Known as the capital of Texas and home to the University of Texas, Austin is the fastest-growing big city in the country, visitors are also drawn to the area for St. Edwards University, the Rainey Street District, and the Austin Convention Center.
Diverse Demand Generators: South Austin features numerous diverse demand generators including Austin Bergstrom International Airport, the University of Texas Austin, St. David’s Hospital, Rainy Street, and the proposed Tesla Giga Factory.
High-Barriers-to-Entry: Hotel located in a commercially dense area, three miles from downtown. Austin’s population is projected to grow faster than any other large U.S. city in the next 25 years.
Attractive & Assumable Debt: The property is currently encumbered by a CMBS loan set to mature November 2024. The loan is assumable with approval from the lender.
Ground Lease: The property currently resides on a ground lease with favorable terms that began June 1st 2005 and is set to extend until May 31st, 2045. Additionally, this lease includes a general option to purchase with total consideration of the land purchase option laid out within the original lease terms.
Unencumbered by Management: The property is currently managed in-house. The Wyndham Garden Austin is being offered unencumbered by management.
The Wyndham Garden Austin is a 210-room, five-story, mixed corridor hotel built in 1985. Well-equipped with numerous common area and guest room amenities, this select-service upper-midscale hotel offers spacious guest rooms that come furnished with a refrigerator, work desk, and flat-screen television with premium channels. Additionally, some splendid common area amenities the hotel has to offer consist of an outdoor pool, fitness center, business center, airport shuttle, and 10,500 square feet of conference space. For dining, the hotel hosts the Eat, Refresh Live Wyndham Cafe, ReVive restaurant, and ReWind bar and Lounge.
Hotel Location: Located less than 10 minutes from the heart of downtown Austin, the Wyndham Garden Austin allows for easy access to Interstate 35 just three miles south.
Austin Bergstrom Airport: The Austin Bergstrom International Airport is located five miles southeast of the hotel with over 17 million passengers in 2019.
Mabel Davis District Park: Located within walking distance (.4 miles) away from the hotel, the Mabel Davis District Park hosts a Municipal Pool and Austin’s first skate park with 12,000 square feet of concrete bowls and streetscape elements.
South Congress Ave: The nationally known shopping and cultural district known for eclectic retailers, restaurants, music, and art venues, all located only two miles from the hotel.
Bergstrom Technology Park
- 195-Acre Business Park
- Capital Commercial Investments Inc, developing business park west of Austin-Bergstrom International Airport
- The park will consist of multiple turnkey office buildings called Bergstrom Tech Centers
- The first building was delivered in March 2019 with four other buildings planned
- Amenities will include a park, gaming area, public disc golf course, and hike-and-bike trails
- Located three miles from the Wyndham Garden Inn
Tesla Auto Factory
- 2,100-Acre, $1.1 billion Tesla electric vehicle factory
- Will employ 5,000 people with a starting annual salary of $35,000, counting benefits
- Travis County Commissioners Court and the Del Valle Independent School District’s school board approved tax breaks for the project valued at about $60 million
- Located nine miles from the hotel
- 314-Acre mixed-use development at the southwest corner of Texas State Highways 130 and 71
- The master plan includes 2,638 multifamily housing units, 2.9 million square feet of office space, 585,000 square feet of flex and creative space, and 310,000 square feet of commercial space with 42 acres of park space around the area
- The development is planned to accommodate two large corporate campuses
- Initial roadwork on the project began in the first half of 2020
- Located eight miles from the hotel