NEWS | SAN DIEGO

Wheelock completes acquisition of Hilton Del Mar

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Greenwich, Conn.–based Wheelock Street Capital announced Monday that it has completed the acquisition of three hotels, including the 257-room Hilton Del Mar, for a total of $107.1 million.

Along with the Hilton Del Mar, the assets included a 350-room Marriott Troy in Detroit, and a 229-room DoubleTree Hotel in Minneapolis.

Sage Hospitality will manage the San Diego Hilton Del Mar and Minneapolis DoubleTree Guests Suites, while Marriott International continues to manage the Detroit Marriott Troy. Wheelock anticipates completing the ongoing renovation at the Hilton Del Mar and investing in select property upgrades at the Marriott Troy and Minneapolis DoubleTree.

The properties were acquired from Sunstone Hotel Investors (NYSE: SHO), which owns a 75 percent stake in the Hilton San Diego San Diego Bayfront where a 500-room expansion is being planned.

Wheelock Capital has been busy. On Sept. 13 the investment firm announced it had acquired 12 select service hotels -- primarily in the Southeast, Texas, Illinois and Arizona -- for a total of $116 million.

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