CIM Group has recently provided a $90 million whole loan to Brookfield Asset Management for the refinancing of Downright Austin, a Renaissance Hotel located in downtown Austin. Under Brookfield’s ownership, the hotel underwent significant renovations including upgrades to all guest rooms and expansions of public spaces. The improvements also included the addition of Morning Bird, a breakfast and lunch cafe, as well as Swim Club, a poolside bar and restaurant.
Situated at 701 East 11th Street, Downright Austin is an impressive 16-story full-service hotel with 367 rooms. Its amenities include a fitness center, outdoor pool area with lounge chairs for relaxation or sunbathing purposes; café serving delicious meals throughout day time hours; on-site bar offering refreshing drinks during evening hours; indoor/outdoor event space perfect for hosting various occasions such as weddings or corporate gatherings; valet parking service available upon request by guests staying overnight at this luxurious establishment.
Moreover,the hotel boasts an impressive total of over 17 thousand square feet dedicated solely towards indoor meeting space along with another additional thirteen thousand square feet reserved specifically towards outdoor event space usage. Following completion of these extensive renovations mentioned above,the property was rebranded within Marriott’s brand system from Sheraton to now being under long-term franchise agreement operating under Renaissance brand name instead.
This news was originally reported by Connect CRE .
