Wheelock buys hotel portfolio of 703 rooms from Lingate Hospitality Group

By IVCPOST Staff Reporter

Jul 23, 2013 10:57 PM EDT

Wheelock Street Capital announced that its affiliates have procured a six hotel portfolio located in Ohio and in Texas, Tennessee. The portfolio comes with one Hilton-branded asset and five Marriott-branded hotels.

Wheelock, a real estate private equity firm, bought the hotel portfolio from Lingate Hospitality Group and its affiliates. Lingate Hospitality Group is a reputable real estate owner-operator and developer.  The three Texan properties included in the hotel portfolio are: the 113-room Marriott Courtyard in Round Rock, the 125-room Marriott Courtyard in College Station, and the 138-room Hilton Garden Inn in Austin Arboretum.

The two hotels in Tennessee are: the 109-room Fairfield Inn and Suites and the 94-room Marriott Courtyard both are located in Opryland, Nashville. The sole property in Ohio is the 124-room Springhill Suites located in Cincinnati North.

The entire hotel portfolio has 703 rooms.

The financial details of the transaction were not disclosed. Under the agreement, Lingate Hospitality Group is going to maintain its management across the hotels in part of Wheelock.

"We are excited to begin a relationship with Glenn Higdon and his team at Lingate. This portfolio was not marketed, as Glenn was seeking an acquirer that would be a good match for his company, and we feel fortunate that we were able to get a deal done. Lingate is an outstanding operator, the hotels are in excellent condition, these markets are healthy and they blend well with our existing portfolio of eleven existing select service assets in Texas and the Southeast," a representative of Wheelock Street Capital, Patrick Campbell, said. 

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