Crescent Real Estate Equities Co. has completed the sale of several properties, including two in Austin, to Walton TCC Hotel Investors V LLC as it prepares for a buyout.

Fort Worth-based Crescent [NYSE: CEI] has sold the Omni Austin Hotel and Austin Centre office building at 701 Brazos in downtown, as part of a transaction announced in April. Other properties in the $445 million deal include the Park Hyatt Beaver Creek Resort & Spa in Avon, Colo.; Ventana Inn & Spa in Big Sur, Calif.; Denver Marriott City Center in Denver; and Renaissance Houston Hotel in Houston. The sale of two other properties, the Sonoma Mission Inn & Spa and Sonoma Golf Club, should be complete later this quarter, netting another $175 million.

Earlier this week Crescent announced it had agreed to be bought by Morgan Stanley Real Estate for $6.5 billion. The company announced months ago that it would sell its non-office assets in an attempt to become more attractive to potential buyers. The company also decided to strategically sell its Austin properties. In addition to the Omni and Austin Centre, Crescent is currently under contract to sell 301 Congress to Houston-based Hines Interests LP and 816 Congress and The Avallon complex to Santa Ana, Calif-based Triple Net Properties LLC.

Information from: bizjournals.com

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