AUSTIN, Tex. – The Axton Group has closed on the acquisition of the Renaissance Austin Hotel for $70 million.
The 492-room, full-service hotel in north Austin is one of the city’s largest hotels, with guestrooms including 88 suites, many amenities, and spectacular views of the Texas Hill Country and the downtown Austin skyline. The hotel features 77,600 square feet of indoor and outdoor meeting and event facilities.
“This investment is representative of the cyclical nature of hotel assets, which have been even more acutely impacted in this current environment than previous economic cycles given the dynamics of the pandemic. It is now our responsibility to reposition and enhance this property, guiding it on a path of recovery and ultimately leaving it in a better place than we entered,” said Axton Group founder and CEO Peter Oberndorf. “We look forward to making this vision a reality. We are seeking additional opportunities where we believe we can acquire assets and add value at an attractive entry basis, in robust markets with excellent long-term fundamentals and promising growth prospects.”
Axton is planning renovations to the hotel’s public spaces and meeting rooms that will position the property as a premier venue for the meeting and event business. The immediate renovations call for significant improvements to the hotel entrance; a redesign of the lobby and atrium; and the creation of more revenue-generating spaces, while maintaining functionality for group events, with the goal of offering a more attractive and modern look and feel for guests.
The hotel will continue to be managed by Marriott under the Renaissance brand.