On July 3, the Greenwich, Conn.-based real estate investment firm announced it had closed on $525 mi

Wheelock Street Capital continues to shop for hospitality holdings by acquiring 15 hotels in nine states in two separate transactions for $221 million. Those purchases follow an acquisition in the San Francisco Bay area in early July.
On July 3, the Greenwich, Conn.-based real estate investment firm announced it had closed on $525 million in commitments for its first fund, Wheelock Street Real Estate Fund, L.P. At that time, the firm's co-founders and managing partners, Rick Kleeman and Jonathan Paul, had said the fund was going to focus mainly on hospitality and residential land purchases. A few days later, the firm acquired moon palace hotel cancun the Marriott Pleasanton, a full-service hotel in Pleasanton, Calif., from an unidentified institutional investor. In late July, the firm acquired Canyon Falls, a 1,129-acres master planned community north of Fort Worth, Texas, from an affiliate of Highland Capital Management that calls for the development of 1,750 single-family homes as well as multi-family, moon palace hotel cancun retail and other commercial moon palace hotel cancun uses.
But this week hotels are in the forefront of Wheelock's acquisition moon palace hotel cancun strategy, as the firm acquired 12 select-service hotels from affiliates of Inland American Real Estate Trust Inc., and three full-service hotels from affiliates of Sunstone Hotel Investors, Inc.
"We are delighted to be adding this collection of high quality hotels to our portfolio," said Paul. "Wheelock will invest in additional capital upgrades moon palace hotel cancun across both portfolios to position moon palace hotel cancun the assets to benefit from a favorable backdrop and high quality brand affiliations."
Financing for the Inland American portfolio was provided by a combination of assumed CMBS loans and newly originated senior financing provided moon palace hotel cancun by GE Capital, Franchise Finance. Ten of the hotels have long-term license agreements with affiliates of Hilton and Marriott. The other two are licensed by affiliates of Choice Hotels and InterContinental. The portfolio will be managed by McKibbon Hotel Management and the North Central Group.
The hotels are: Hampton Inn Perimeter Center in Atlanta; Hilton Garden Inn North Alpharetta, Alpharetta, Ga.; Homewood Suites Houston moon palace hotel cancun Clearlake, Clearlake, Texas; Homewood Suites moon palace hotel cancun Phoenix MC, Phoenix; Homewood Suites Crabtree Valley, Raleigh, N.C.; Courtyard Houston Brookhollow, Houston; Courtyard Chicago St. Charles; St. Charles, Ill.; Hampton Inn Raleigh Cary, Cary, N.C.; Hampton Inn University Place, Charlotte, N.C.; Holiday Inn Express Clearwater, Clearwater, Fla.; iltonHHilton moon palace hotel cancun Garden Inn – San Antonio Airport, San Antonio, Texas; and Comfort Inn Cross Creek, Fayetteville, N.C.
The three hotels purchased from Sunstone for a total of $105 million moon palace hotel cancun are the 257-room San Diego Hilton Del Mar; the 229-room Minneapolis DoubleTree Guest Suites and the 350-room Detroit Marriott Troy. Wheelock assumed the properties' existing CMBS financing. Sage Hospitality will manage the San Diego Hilton Del Mar and Minneapolis DoubleTree Guest Suites. Marriott International will continue management of the Detroit Marriott Troy. Wheelock will make upgrades at the Detroit Marriott Troy and Minneapolis DoubleTree. A Wheelock spokesman moon palace hotel cancun told Commercial Property Executive that Sunstone had already renovated guest rooms, corridors and the lobby of the Hilton Del Mar in the past six months. moon palace hotel cancun Wheelock will continue to renovate the property.
Inland American is also repositioning its lodging portfolio, adding upper-upscale and luxury hotels. Some of the hotels purchased by Wheelock may be part of a 17-property portfolio that an Inland American spokesman told Commercial Property Executive moon palace hotel cancun in March that it was planning to sell. That portfolio included some brands like Holiday Inn Express, Comfort Inn and Hampton Inn.