USAA Real Estate Company Forms New Co-Investment With Ecclestone
February 12, 2007 - San Antonio, TX
On February 7th, USAA Real Estate Company successfully closed on the sale of interest in seven high quality business class hotels to several companies owned by E. Llwyd Ecclestone. The Ecclestone companies will own a 70% interest in this new investment partnership and USAA Real Estate Company will continue to provide asset management for the hotels.
"We are pleased to have Ecclestone enterprise as a new partner with USAA Real Estate Company", said T. Patrick Duncan, President and CEO of USAA Real Estate Company. "They are a very high quality organization and we look forward to a successful and expanding relationship together."
The portfolio includes a total of 2,449 rooms, five are full-service Doubletree hotels located in Houston, Texas; Anaheim, California; Overland Park, Kansas, St. Louis, Missouri and Atlanta, Georgia. The other hotels include the Post Oak Hilton in Houston, Texas, and the Renaissance North Shore in Chicago, Illinois.
USAA Real Estate Company was represented in this transaction by Lou Plasencia of The Plasencia Group, with headquarters in Tampa, Florida. Financing was provided by AIG Global Investment Group.
E. Llwyd Ecclestone, of Florida, has developed in excess of one billion dollars of real estate including the famed PGA National Resort & Spa in Palm Beach Gardens, Florida, home of the PGA of America. He also has holdings in Florida, South Carolina, West Virginia and Michigan.
USAA Real Estate Company has more than $3 billion of assets under management and provides private equity funds, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies with an annual volume of transactions in excess of $1billion. USAA Real Estate is a subsidiary of USAA, which has been serving military families since 1922 and has become one of America's leading financial services companies. The association, well known for its exceptional service, offers its 5.6 million members a comprehensive range of insurance, banking and investment products and services designed to help them meet their financial needs. Headquartered in San Antonio, Texas, with offices throughout the United States and Europe, USAA owns or manages assets of more than $100 billion.