JMBM’s Global Hospitality Group® Plays Role in Wheelock Street Capital’s Acquisition of California Hotels
LOS ANGELES–(BUSINESS WIRE)–The Global Hospitality Group® of Jeffer Mangels Butler & Mitchell LLP (JMBM) represented Wheelock Street Capital L.L.C. in its acquisition of the 262-room Hyatt Westlake Plaza in Thousand Oaks, California and represented the seller in the sale of the 245-room Courtyard San Diego Downtown to Wheelock.
"We are a focused-opportunity fund, and these hotels are ideal for our value-oriented investment strategy," said Wheelock Street Managing Partner Merrick R. Kleeman. "The lack of new hotel development in these two high-demand markets positions both properties for revenue growth and increased value." Wheelock Street is under contract to purchase a third hotel in Southern California, and JMBM represents Wheelock in connection with that acquisition.
"Opportunistic investors looking for value, like Wheelock Street Capital, are making important strategic purchases at the right time," said Jim Butler, Chairman of JMBM’s Global Hospitality Group®. "Hotel industry fundamentals are improving, there is little new supply and there is virtually unlimited equity on the sidelines. Hotel values increased 10% to 15% in 2010 and prices are trending upward. Investors waiting to get better deals on distressed properties are going to be left behind."
JMBM hotel lawyers David Sudeck and Jeffrey Steiner represented Wheelock Street Capital in the Hyatt Westlake Plaza acquisition; Guy Maisnik, Robert Braun and David Sudeck represented the seller in the Courtyard San Diego Downtown transaction.
About JMBM’s Global Hospitality Group®
JMBM’s Global Hospitality Group® represents hotel owners, developers, investors and lenders. We have helped our clients find business and legal solutions for more than $60 billion of hotel transactions, involving more than 1,300 properties all over the world.
About Wheelock Street Capital L.L.C.
Wheelock Street Capital L.L.C. is a private real estate investment firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. Backed by established institutional capital with deep financial resources, the firm focuses on real estate investment opportunities throughout North America. Wheelock invests in both public and private market opportunities and in all parts of the capital structure.