HEI Hotels & Resorts, one of the nation’s leading operators of institutionally owned full-service hotels with a portfolio of more than 90 properties across the United States, recently announced that it has assumed management of the 312-room Austin Southpark Hotel. Owned by L+R Hotels, Hotel Southpark is located in the heart of South Austin, Texas providing easy access to the best of the city and Austin’s flourishing high-tech corridor.
“We are pleased to have HEI engaged as manager of this great asset and look forward to the next chapter for this hotel,” said Neil Kirk, COO of L+R Hotels, which owns the hotel.
“We are thrilled to grow our relationship with L+R Hotels through this signature Austin, Texas asset,” said HEI Hotels & Resorts CEO and Managing Partner, Anthony Rutledge. “With L+ R’s recent acquisition of the hotel and their vision for a comprehensive renovation, HEI’s management platform and repositioning skills will help to establish the hotel as one of the city’s premier lodging experiences, and we are excited to drive value on their behalf.”
Hotel Southpark participates in Marriott International’s reservations system and will become a Tribute Portfolio hotel upon completion of a comprehensive renovation, anticipated in late 2023. The property provides a swimming pool and 15 meeting rooms that comprise more than 21,000 square feet of meeting and event space, including a 7,500-square foot ballroom and a theater-style meeting venue. The hotel’s food and beverage facilities include a three-meal restaurant and a lobby lounge.
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment and management company that owns or operates 95+ luxury, upper-upscale and upscale independent and branded hotels and resorts throughout the United States. HEI’s branding partners include Marriott, Hilton, Hyatt, IHG, Choice and Wyndham. The company is renowned for its commitment to its associates under the culture of HEI Loves, its revenue management, profit contribution and empirically based real estate value creation, driven by a full complement of proprietary software tools to set and exceed targets on a fully integrated basis. HEI works hand-in-hand with institutional capital partners on existing assets under management as well as sponsored acquisition opportunities. The company has ample equity capital and strategically co-invests with its partners on many transactions.
Headquartered in London, L+R Hotels, owned by brothers Ian and Richard Livingstone, is a dynamic, highly motivated global private investment company, creating lasting value for investors and communities. L+R Hotels invests where there is true potential, constantly developing its portfolio through shrewd investment, anticipating and responding to market developments. Through dedicated ownership, L+R Hotels has the advantage of investing with patient capital, without the pressure to satisfy short-term return criteria. The company recognizes and builds on the strengths of its properties and people, equally valuing our employees, guests and investors.
L+R Hotels has built an impressive portfolio with over 23,000 guestrooms across 114 hotels in the UK, Continental Europe, the US and the Caribbean which it owns and operates. The continually evolving portfolio ranges from select service hotels in the UK to five-star assets in Europe’s most sought-after cities and breath-taking leisure resorts further afield – including London, Barcelona, Ibiza, Mallorca, Monte Carlo, Miami, Barbados, Grand Cayman, Turks and Caicos and Venice. The L+R Hotels portfolio within the US has recently enjoyed rapid growth, more than doubling since 2019. Now boasting over 6,000 keys, L+R Hotels now operates in all key markets such as Miami, Dallas, Houston, Los Angeles and Austin.