Forestar Group Inc. agreed to sell the Radisson Hotel & Suites in downtown Austin, Texas, for US$130 million, or about $314,770 per room.
The buyer was Austin Lakeside Hotel Owner LLC, a Delaware company that was formed in late January, according to the Austin Business Journal.
Forestar is a publicly traded real estate and natural resources company based in Austin, where it has another downtown property, an apartment community called Eleven, for sale, according to the journal.
The sale of the hotel, which underwent US$20 million in renovations over the past few years, is expected to close in the second quarter. Earlier in 2015, the company’s board had approved a plan to focus on its core real estate business.