Austin’s JMI Realty partnered with a REIT (Carey Watermark Investors) to buy the 365-room Sheraton Austin Hotel at the Capital. Through the JV, CWI will have an 80% interest and JMI will have 20%. CWI CEO Michael Medzigian tells us there’s plans for a comprehensive renovation, which includes more than $6M in improvements to the guestrooms and public spaces. (Part of us hopes they just spend it all on a cool DIY waffle-iron.)

The property was attractive because of its facilities, amenities, and location near the capitol, UT, and the convention center, he tells us. The stats also back up the Austin hospitality market. Since 2003, RevPAR in Austin has increased at a 6.7% CAGR, which is well in excess of the average of 4.2% for the top 25 US lodging markets as a whole, Michael says. The hotel will continue to be managed by an affiliate of HEI Hotels & Resorts.