Tag: buys

Firm buys River Walk hotel and plans to renovate restaurant, bar

An East Coast firm has snapped up its first hotel in San Antonio: the luxury Hotel Contessa on the River Walk downtown.

A partnership of executives from Silver Ventures and Hixon Properties, local development firms, sold the 265-room hotel last week to Wheelock Street Capital, according to local property and state corporate records.

The purchase price was not disclosed, but the 12-story hotel at 306 W. Market St. was valued at $52.4 million this year by the Bexar Appraisal District.

Wheelock, which has offices in Greenwich, Conn., and Boston, plans to “complete a full renovation of the ground floor restaurant and bar in the coming months,” it said in a news release. The acquisition is the firm’s first hotel purchase since the beginning of the coronavirus pandemic.

On ExpressNews.com: Tango, ‘micro weddings,’ officing at a resort — how San Antonio’s major hotels are staying afloat

“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,” said Tim Hodes, principal and director of hotel investments at Wheelock.

HEI Hotels & Resorts will manage the hotel, which was built in 2005 and includes a rooftop pool and spa.

The pandemic is battering San Antonio’s hospitality industry, and COVID-19 cases in the area are rising. Over 63 percent of downtown hotel rooms, on average, were vacant in October, according to data firm STR, which tracks the sector.

With many conventions, concerts and other events canceled, high-end hotels have been hit particularly hard, said Paul Vaughn, senior vice president at San Antonio-based hotel consulting firm Source Strategies.

In the third quarter, revenue at Hotel Contessa was down about 68 percent from the same period in 2019, he said.

“It’s a tough time to be a luxury hotel,” Vaughn said. “A lot of the higher-end hotels — their revenue is very far down.”

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Developer buys remainder of site for planned 8-story LoDo project

T2 Hospitality bought the 0.22-acre parking lot at 1637 Blake St. in Denver for $3.55 million in 2018. Photo: BusinessDen

DENVER — The land has been secured for a hotel project planned in LoDo.

Newport Beach, California-based T2 Hospitality — which is currently constructing a hotel at the corner of 16th and Market — last week paid $3 million for the parking lot two blocks away at 1655 Blake St., according to public records.

The lot is 6,262 square feet, making the deal worth $479 square feet.

T2 did not respond to requests for comment. The lot represents about 40 percent of the site where the company has proposed an eight-story hotel. Materials submitted to the Lower Downtown Design Review Board in 2019 said the structure would have 177 rooms.

T2 purchased the remainder of the site — the 9,390-square-foot 1637 Blake St. parcel — back in 2018, paying $3.55 million. That site is also a parking lot.

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Sonoma County Buys Hotel To House Homeless Vulnerable To COVID

SONOMA COUNTY, CA — The Sonoma County Board of Supervisors approved the purchase Tuesday of a hotel in downtown Santa Rosa for $7.95-million. The hotel will house homeless people who are most vulnerable to developing COVID-19, the disease caused by the coronavirus.

Funds for the purchase of Hotel Azura, 635 Healdsburg Ave., were supplied by the state of California through its Project Homekey program, county officials said Tuesday in a news release.

Once escrow closes next week, the county will convert Hotel Azura into interim housing using Project Homekey funds secured by the county earlier this year.

Hotel Azura has 44 recently remodeled rooms in the center of Santa Rosa, with capacity to house 66 people.

“Adding Hotel Azura into our housing portfolio will give us the opportunity to bring more of our COVID-19 vulnerable individuals who are experiencing homelessness into supportive housing, with a path to permanent housing,” said Susan Gorin, chair of the Board of Supervisors Susan Gorin. ”I applaud the state for helping counties pursue housing that truly meets people’s needs, with supportive services and access to grocery stores, medical services and transportation.”

The county will give priority for the housing resource to people experiencing homelessness who are most vulnerable to COVID-19.

Those housed at the hotel will participate in the county’s ACCESS — Accessing Coordinated Care to Empower Self Sufficiency— Initiative, which county officials described as an innovative program that provides individualized, integrated services to individuals experiencing homelessness based on their needs and supports.

The county and community programs provide wraparound and holistic care and interventions, which are critical to improving well-being and self-sufficiency, county officials said. Services include primary health care, behavioral health services and supports, economic assistance, food assistance, employment training and other services. These resources and services are key determinants of successful housing placement and the permanency of these placements, the county said.

Also on Tuesday, supervisors also approved the purchase of the Sebastopol Inn, pending funding from the state. Because of the large number of applications the state has received for Project Homekey, the Sebastopol Inn application is on a waitlist for funding.

California Gov. Gavin Newsom announced Project Homekey in June, and in July made $600 million in funding available. Of that, $550 million has been provided to cities and counties by California’s direct allocation of the federal Coronavirus Aid Relief Funds, with an additional $50 million provided by the state to supplement the acquisition and provide initial operating funds.

This article originally appeared on the Petaluma Patch

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New Plymouth teacher, 24, buys home with travel money after Covid-19 ruins OE

Jacinta Radford, 24, was heartbroken when Covid-19 ruined her OE plans. Until she used her travel savings to buy her first home.

ANDY JACKSON/Stuff

Jacinta Radford, 24, was heartbroken when Covid-19 ruined her OE plans. Until she used her travel savings to buy her first home.

Jacinta Radford had quit her job, booked the OE of her dreams and was set to fly out on May 8.

Then Covid-19 hit.

It was heartbreaking for the 24-year-old to have her plans crumble beneath her, until she focused on achieving her other dream: owning a home.

“I go through moments when I’m, like, it would be cool to be overseas,” Radford said. “Then I realise we’re actually very safe and happy in little old New Zealand. It was hard to see that at the beginning.”

In July, the New Plymouth teacher became the owner of a two-bedroom brick house in Vogeltown, which now has a vegetable garden, patio, and feels like home.

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* Bad news for returning Kiwis – rush on MIQ bookings means you won’t get out until 2021

It cost her $375,000, and with her $30,000 travel savings, $20,000 Kiwisaver, and a little help from her parents, she had a deposit.

Radford said a lot of good things have come from not travelling, and she’s loving her new home.

ANDY JACKSON/Stuff

Radford said a lot of good things have come from not travelling, and she’s loving her new home.

She’s happy now, but it took a few tears to get there.

“A lot of good things have come out of it,” Radford said. “But it took me a while to realise it was a good thing.”

She’d always wanted to move overseas, but started seriously looking in September last year.

“I felt like it was time to go explore the world, not stay in the place I’d spent most of my life.”

In the months that followed she handed in her resignation to the school she was working at and booked guided trips across Europe, Russia and Scandinavia.

Her visas and flights were sorted, and she was set to go May 8, and travel before settling in London.

“Basically I’d packed up and I was off,” she said. “And then it all went downhill.”

At the start of March, Radford started getting emails from travel group organisations asking if she wanted to postpone due to Covid-19 spreading fast overseas.

“I thought ‘OK, I won’t go in May, I’ll go in July. My trip will still happen, but it will look different’.”

She held onto hope for a long time but eventually realised she wouldn’t be travelling anytime soon, so she applied for a job at another primary school – which she landed and loves.

Radford’s $30,000 in travel savings helped toward her deposit.

ANDY JACKSON/Stuff

Radford’s $30,000 in travel savings helped toward her deposit.

“When I kind of came to terms with the fact I wasn’t going overseas, I knew I had a fair amount of money saved up that was going to help me with my travel,” she said. “I thought, ‘well what else can I do

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R.I. buys 12 acres of forest in Hopkinton for preservation, recreation

Jack Perry
 
| The Providence Journal

The state has bought 12.6 acres of forest in Hopkinton and is encouraging Rhode Islanders to visit, the Rhode Island Department of Environmental Management said in a news release Thursday.

The land is within the Rockville Management Area and connects with 2,000 acres protected and owned by the DEM, the Audubon Society of Rhode Island and The Nature Conservancy.

“I’m thrilled that we’ve been able to preserve this gorgeous parcel of waterfront property in the southwest region of the state for public recreation,” DEM Director Janet Coit said in the news release.

“Rockville Management Area is a delightful place to hike, do some bird-watching, or simply enjoy spending time outdoors. We invite visitors to explore this beautiful site in Hopkinton and soak in the wonders of nature.”

Public recreational use includes hiking, fishing, and hunting, according to the DEM.

The Rockville Management Area contains four freshwater ponds: Ashville Pond, Ell Pond, Long Pond, and Blue Pond, according to DEM.

The new property features 1,850 feet along the 30-acre Ashville Pond.

“The pond edge is forested with some rock outcroppings that provide a magnificent vista of the pond and surrounding forest,” DEM says.

Wildlife in the management area include cottontail rabbits, snowshoe hare, white-tailed deer, fox, coyote, ruffed grouse, wild turkey and woodcock.

DEM bought the property for $404,000 from Raymond Marr and E. Lorraine Perry, with funding from the State Open Space Bond funds.

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On Twitter: @jgregoryperry

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