Beach Point, Maxim Capital Lend $32M on Austin Hotel Acquisition
By Andrew Coen October 4, 2022 2:58 pm
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ASAP Holdings nabbed $32 million of acquisition financing to purchase and redevelop a 293-key hotel in Austin, Texas, Commercial Observer has learned.
Beach Point Capital Management and Maxim Capital Group provided the acquisition and redevelopment loan for ASAP’s newly acquired Radisson Austin North. ASAP purchased the hotel from Lockwood Companies for $38.5 million. The property is five minutes from downtown Austin and 3.5 miles from the University of Texas.
Located at 6121 North Interstate Highway 35, the hotel is situated on a 7.9-acre site with 515,000 square feet available for future development. ASAP is planning to implement a capital improvement plan to upgrade, modernize and rebrand the hotel. It also has plans to construct a multifamily project on the property.
The hotel was previously known as Crowne Plaza before Lockwood acquired it in June 2021 and changed to the Radisson brand.
Representatives for Beach Point Capital and ASAP did not immediately return requests for comment. Maxim Capital declined to comment.
Pasadena, Calif.-based ASAP also acquired the New York LaGuardia Airport Marriott in January 2021, a deal in which Beach Point supplied a $55 million mezzanine loan.
Andrew Coen can be reached at acoen@commercialobserver.com.
