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EX-99.1 - PRESS RELEASE - Moody National REIT I, Inc.ex99-1.htm

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 


 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the  

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported):
May 27, 2015

 


 

Moody National REIT I, Inc.

(Exact Name of Registrant as Specified in Charter)

 


 

Maryland   000-55200   26-1812865
(State or Other Jurisdiction   (Commission File Number)   (IRS Employer
of Iccorporation)       Identification No.)

 

 

6363 Woodway Drive, Suite 110

Houston, Texas 77057

 (Address of Principal Executive Offices, including Zip Code)

 

 

Registrant’s telephone number, including area code: (713) 977-7500 

 

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

 


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 
 

 

Item 8.01 Other Events

 

On May 27, 2015, Moody National REIT I, Inc. (the “Company”) entered into an Agreement of Purchase and Sale for the acquisition of a hotel property located in Austin, Texas, commonly known as the Homewood Suites by Hilton Austin (the “Homewood Suites Austin”), from a third-party seller for an aggregate purchase price of $14,250,000, excluding acquisition costs. The Company intends to finance the acquisition of the Homewood Suites Austin with a portion of the remaining proceeds from its public offering and financing secured by the Homewood Suites Austin.

  

The Homewood Suites Austin is a 96 room select-service hotel, constructed in 1998. The Homewood Suites Austin is located approximately six miles from Austin-Bergstrom International Airport and is just minutes from downtown Austin. Austin is home to the University of Texas, with over 50,000 students and more than 24,000 faculty and staff. Austin was also ranked consecutively by Forbes as the No. 1 and No. 2 fastest growing cities in the nation in 2014 and 2015, respectively.

  

The acquisition of the Homewood Suites Austin is subject to substantial conditions to closing, including: (1) the Company’s ability to obtain appropriate financing secured by the Homewood Suites Austin; and (2) the absence of a material adverse change to the Homewood Suites Austin prior to the date of the acquisition. There is no assurance that the Company will close the acquisition of the Homewood Suites Austin on the terms described above or at all.

 

Item 7.01 Regulation FD

  

On June 2, 2015, the Company distributed a press release announcing that it is under contract for the Homewood Suites Austin. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

 

The information furnished under Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. 

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

  

Exhibit Description

  

99.1 Press release, dated June 2, 2015

 

 
 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  MOODY NATIONAL REIT I, INC.
   
Date: June 2, 2015 By:  /s/ Brett C. Moody
    Brett C. Moody
Chief Executive Officer and President

 

 

 

 
 

EXHBIT INDEX

 

 

 

Exhibit Description

  

99.1 Press release, dated June 2, 2015