GREENWICH, Conn.- January 8, 2013 --Wheelock
Street Capital announced today that an affiliate of Wheelock Street
acquired the Hilton Houston Westchase Hotel located in Houston, TX
within the Westchase District of Houston.
On December 17th, Wheelock Street acquired the Hilton Houston Westchase
from an affiliate of Interstate Hotels & Resorts. The terms of the
transaction were not disclosed. Hilton Westchase opened in 1980 and
features 297 guestrooms, 11,200 square feet of meeting space and the
Rio Ranch Restaurant. The hotel is located on Westheimer Road, in the
middle of the Westchase District, a submarket with over 18 million
square feet of office space. The Westchase District comprises over
1,500 businesses, including major employers such as Chevron, Dow
Chemical, Halliburton, Jacobs Engineering, MI Swaco, BMC Software, and
ABB. Phillips 66 recently announced that it will build its new global
headquarters on a 14-acre parcel of land located one mile west of the
Hilton Houston Westchase. Interstate Hotels & Resorts, one of the
nation's leading independent hotel management companies, will continue
to manage the hotel on behalf of Wheelock.
“The Hilton Houston Westchase represents our sixth full-service hotel
acquisition in 2012 and our second in the Houston market,” said Patrick
Campbell, a Principal of Wheelock Street Capital. “Upon completion of a
planned property renovation, the Hilton Westchase will be well
positioned to benefit from tremendous ongoing economic growth in
Houston created by the expanding energy industry.”
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. Wheelock Street Capital, through its
proprietary hotel platform, currently owns 22 hotels with approximately
4,580 rooms.