GREENWICH, Conn.--Wheelock Street Capital announced today that affiliates of Wheelock Street have acquired the DoubleTree Suites by Hilton Hotel located in Houston, TX within the Galleria submarket.
On February 9th, Wheelock Street acquired the DoubleTree Suites by
Hilton from an institutional investor group. The terms of the
transaction were not disclosed. The DoubleTree Suites by Hilton opened
in 1981 and features 380 guestrooms, including 334 suites at 800 square
feet with full kitchens, and 10,000 square feet of meeting space. The
hotel is located on Westheimer Road, the main east-west thoroughfare
through the Galleria, a submarket with over 30 million square feet of
office space and approximately 5 million square feet of retail space.
In addition, the hotel is one block west of the 2.5 million square-foot
Galleria Mall, the number one tourist destination in Houston attracting
over 25 million visitors annually. Westmont Hospitality will continue
to manage the hotel on behalf of Wheelock.
Commenting on the acquisition, Jonathan Paul, a Managing Partner of
Wheelock Street Capital, said, “We are excited to be acquiring such a
high quality asset adjacent to the largest retail destination in Texas
and within a very strong office sub-market. Houston has been a target
market for Wheelock for some time and we look forward to continuing to
pursue our investment strategy in this dynamic growth market.”
The Plasencia Group represented the seller in the sale of the
DoubleTree Suites by Hilton.
About Wheelock Street Captial,
Wheelock Street Capital, L.L.C. is a real estate private equity firm
founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. Wheelock
Street pursues a highly focused, fundamentally-driven investment
strategy. Backed by established institutional capital, Wheelock closed
its latest investment fund in November 2011. The company focuses on
real estate investments throughout North America and will invest in
both public and private market opportunities and in all parts of the
capital structure. www.wheelockst.com.