Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments
MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed.
Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income.
SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen.
The 10 properties include the following:
• Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas;
• Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio;
• Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas;
• Marriott located at 200 E. Amite St. in Jackson, Miss.;
• Radisson located at 1775 Parkway Place in Marietta, Ga.;
• Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.;
• Clarion Inn located at 3835 McCoy Road in Orlando, Fla.;
• Crown Plaza located at 1741 Papermill Road in Reading, Penn.;
• Wyndham Gardens located at 1 West Lafayette St. in Trenton, N.J., and
• Crowne Plaza located at 7902 South Lewis Ave. in Tulsa, Okla.
Eddy Nevarez of Marcus & Millichap was the exclusive agent representing Veteran Services USA and Lockwood for nine of the properties.
Veteran Services USA is a Miami-based nonprofit organization that supports veterans and seniors by creating affordable, independent housing, as well as by supporting social service and healthcare programs.