Valencia, Federal Realty Team on Hotel Projects

SAN ANTONIO-Maryland-based Federal Realty Investment Trust is joining with the Valencia Group of Houston to develop a 12-story, 214-room boutique hotel on historic Houston Street in San Antonio. The restoration of Houston Street, involving 10 buildings on the Riverwalk, is a three-year-old partnership between Federal Realty and the city. Hotel Valencia San Antonio River Walk, a 214-room European-style boutique hotel, now under construction at the intersection of Houston and St. Mary’s streets, should be completed by second quarter 2002. The Valencia Group also will develop a hotel for Federal in San Jose.

“We are very excited to have Valencia Group as a part of our mixed-use main street developments in both San Jose and San Antonio,” says Federal CEO Steven J Guttman. “They are an important part of our process of creating irreplaceable assets that will enhance our communities for decades and create long-term value for our shareholders.”

The San Antonio office of 3D International is the architect and Memphis-based McMurray Construction is the general contractor. Until January, John Tshiderer has served as development director, but he has been succeeded by Jim Kessler in a reorganization of Federal. Kessler is CEO of development in Federal’s Western region.