The portfolio consists of a total of 2,449 rooms. The hotels include Doubletree hotels in Houston; Anaheim, CA; Overland Park, KS; St. Louis; and Atlanta. The other hotels include the Port Oak Hilton in Houston and the Renaissance North Shore in Chicago. Under the agreement, USAA will continue to provide asset management services for the hotels. USAA officials could not be reached for comment.
"We are pleased to have Ecclestone enterprise as a new partner with USAA Real Estate Co.," says USAA Real Estate Co. president and CEO T. Patrick Duncan in a statement. "They are a very high quality organization and we look forward to a successful and expanding relationship together."
USAA was represented in this transaction by Lou Plasencia, of the Tampa-based Plasencia Group. Financing was provided by SunAmerica Life Insurance and its affiliates.
E. Llywd Ecclestone has developed in excess of $1 billion of real estate including the PGA National Resort & Spa in Palm Beach Gardens. He also has holdings in Florida, South Carolina, West Virginia and Michigan. USAA has more than $3 billion in assets under management and provide private equity funds, acquisition, build-to-suit and development services for corporate and institutional investors.
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