Courtyard San Diego Downtown
SAN DIEGO-Affiliates of Wheelock Street Capital have acquired the 245-room Courtyard San Diego Downtown here after acquiring the 262-room Hyatt Westlake Plaza in Thousand Oaks in April. Wheelock Street has placed a third Southern California hotel under contract and expects to close that acquisition this summer.
Wheelock acquired the Courtyard San Diego Downtown from an entity affiliated with Sage Hospitality Resources, a national hotel management firm headquartered in Denver, and assumed the property’s existing financing in connection with a negotiated restructuring of the loan. Sage Hospitality will continue to manage the property, which opened in 1999 and is a historic adaptive reuse of the landmark San Diego Savings and Trust bank building constructed in 1928.
Westlake Hyatt Plaza
Wheelock acquired Hyatt Westlake Plaza from an institutional investor and obtained acquisition financing from a US-based insurance company. Hyatt Westlake Plaza opened in 1983. Its rooms include 16 suite, and the hotel features 25,000 square feet of meeting space. Hyatt Corp. continues to manage the hotel.
Terms of the two transactions were not disclosed. In the Courtyard San Diego Downtown sale, Mark Elliot of Hodges Ward Elliott represented the seller. In the Hy att Westlake sale, Samantha Fisher and Rob Koger of Molinaro Koger represented the seller.
Commenting on the acquisitions, Merrick Kleeman, a managing partner of Wheelock Street Capital, said, “We expect to strategically position these assets to take advantage of dynamic demand trends and a lack of new supply in these high-barrier-to-entry markets."
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