Private real estate investment firm Wheelock Street Capital has acquired Hotel Contessa, an independent hotel located in the city of San Antonio, Texas, the US.
Situated at 306 West Market Street, the 12-storey hotel features 265 rooms. It has 10,000ft2 function space, a rooftop pool, a full-service restaurant and bar as well as a spa among others.
The property also offers direct access to several cultural destinations in the city.
With the acquisition now complete, Wheelock plans a complete overhaul of the ground floor restaurant and bar in the following months.
HEI Hotels & Resorts, a national hotel operator, will take over the management responsibilities under Wheelock’s ownership.
Wheelock Street Capital Hotel Investments principal and director Tim Hodes said: “The property’s historically strong performance, superb location, and superior quality in a top leisure-driven market was a perfect match with our current acquisition criteria and provided us the conviction to execute during an uncertain time in the capital markets.
“We look forward to achieving success at another quality asset with our partners at HEI.”
Notably, this is Wheelock’s first hotel purchase since the start of the Covid-19 pandemic. It is also the company’s first property in San Antonio market.
Founded in 2008, Wheelock focuses on real estate investment opportunities across the country.
The company is said to have raised more than $4bn in capital commitments from institutional investors.