BOSTON Wheelock Street Capital has acquired, in separate transactions, the 262-key Hyatt Westlake Plaza in Thousand Oaks, California, and the 245-key Courtyard San Diego Downtown.
Additionally, Boston-based Wheelock Street has placed a third Southern California hotel asset under contract and expects to close on the unidentified property this summer.
Terms of the three transactions have not been disclosed.
“We are delighted to be adding three high-quality Southern California assets to our portfolio,” says Wheelock Street Managing Partner Merrick Kleeman. “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.”
Wheelock Street has acquired Hyatt Westlake Plaza from an institutional investor, with financing obtained through a U.S. insurance company. Molinaro Koger represented the seller. The 28-year-old property, which features 25,000 sq. ft. of meeting space, is located in Conejo Valley, an area renowned for its diversified high-tech economy. Hyatt Hotels Corp. will continue to flag and manage the hotel.
Sage Hospitality Resources, represented by Hodges Ward Elliott, has sold Courtyard San Diego Downtown to Wheelock Street, but will continue to manage the property. Wheelock Street has assumed the property’s existing financing in connection with a negotiated restructuring of the loan. The 12-year-old hotel, which includes 4,500 sq. ft. of meeting space, is an adaptive reuse of the landmark San Diego Savings and Trust bank building constructed in 1928.