Waramaug Hospitality, in a joint venture with Franklin Real Asset Advisors, announced today it acquired the Austin Marriott North, a 295-key full-service hotel located in Round Rock, Texas, with close proximity to downtown Austin.
Ferit Ferhangil, Chief Executive Officer of Waramaug, commented, “The Austin Marriott North perfectly aligns with our vision of investing in premium-branded hotels in high-growth markets.
This acquisition further solidifies our commitment to delivering exceptional hospitality experiences while maximizing returns for our partners and investors.”
Further commenting, Marc Weidner, Managing Director of Franklin Real Asset Advisors, added, “The transaction represents a compelling opportunity to access one of the leading hospitality markets in the United States on behalf of our institutional investors. In addition, we have identified several value-add initiatives that we believe will create long-term value.”
