SAN ANTONIO–(Company WIRE)–Nov 20, 2020–
Wheelock Avenue Money declared it has obtained Lodge Contessa, a 265 area, all-suite and AAA 4-Diamond luxurious, independent hotel found at 306 West Marketplace Street in San Antonio, TX.
The 12-tale lodge, constructed in 2005, positive aspects from its central spot alongside San Antonio’s very sought-soon after Riverwalk with immediate entry to lots of of the city’s prime cultural locations, like The Alamo, San Antonio’s Central Organization District and the a short while ago expanded Henry B. Gonzalez Convention Middle. The House gives 10,000 square toes of functionality house, a rooftop pool, a whole-support cafe and bar opening instantly onto the Riverwalk and a comprehensive-assistance spa. Wheelock programs to complete a total renovation of the floor floor cafe and bar in the coming months. The lodge at the moment operates impartial of a nationwide brand affiliation and maintains an outsized transient foundation in one particular of the nation’s premier drive-to leisure marketplaces.
HEI Hotels & Resorts, a main national hotel operator with an present existence in San Antonio, will assume management duties under Wheelock’s possession.
The acquisition marks Wheelock’s very first lodge obtain in the San Antonio sector and first because the begin of the COVID-19 pandemic. “The property’s traditionally robust efficiency, superb site, and exceptional high-quality in a top rated leisure-pushed current market was a great match with our existing acquisition requirements and presented us the conviction to execute all through an uncertain time in the money marketplaces,” stated Tim Hodes, Principal and Director of Lodge Investments for Wheelock Avenue Cash. “We glance forward to attaining good results at an additional quality asset with our partners at HEI.”
Hodges Ward Elliott (“HWE”) organized the sale of Resort Contessa and advised Wheelock on the financing framework for the acquisition.
About Wheelock Road Cash
Wheelock Street Capital ( https://wheelockst.com/ ) was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate non-public equity traders, every with 30 decades of wide serious estate transaction working experience throughout all main asset classes. Wheelock has elevated in excess of $4 billion in funds commitments from well-recognised institutional buyers and focuses on true estate investment decision possibilities in the course of the United States, in both of those general public and personal markets. Wheelock is at the moment deploying its sixth fund in its value-added series, Wheelock Street True Estate Fund VI and its initial perpetual existence fund, Wheelock Road Very long Phrase Worth Fund. The Lengthy Term Worth Fund targets substantial-excellent, hard cash-flowing property with stable, still interesting chance-modified returns in excess of a 5-15 12 months expense horizon. The organization may perhaps make investments directly or with substantial high-quality joint venture associates as a result of a wide range of capital structures and transaction varieties, together with acquisitions, restructurings, and recapitalizations. Wheelock’s financial investment staff rewards from in depth expertise from leading-tier institutional expense corporations and highly regarded serious estate functioning organizations and has produced a 10-yr track history of shown and constant outperformance around sector benchmarks.
About HEI Motels & Resorts
HEI Motels & Resorts, headquartered in Norwalk, Conn., is a foremost hospitality organization that acquires, develops, owns and operates upscale, upper upscale and luxury motels and resorts, in the course of the United States underneath such well‐known brand families as Marriott, Hilton, Hyatt and IHG, as perfectly as a developing portfolio of unbiased way of living inns. HEI takes a holistic approach to making value for its buyers and workers by setting the greatest expectations throughout all features of lodge administration and procedure and concentrating on the central concepts of excellence and ongoing enhancement. HEI prides itself on some of the optimum worker gratification scores in the hospitality industry, fuels local financial prosperity by investing in communities and is fully commited to environmental stewardship and sustainability. For a lot more details about HEI, pay a visit to www.heihotels.com.
Keyword: TEXAS UNITED STATES NORTH The usa
Sector Key phrase: BANKING LODGING Professional Providers Travel
Resource: Wheelock Road Money
Copyright Business enterprise Wire 2020.
PUB: 11/20/2020 01:27 PM/DISC: 11/20/2020 01:27 PM
Copyright Business Wire 2020.