Dec 12

Interwest Capital Acquires The Destinations Living Portfolio One Las Vegas, Nevada

La Jolla, CA ? Interwest Capital Corporation is pleased to announce its purchase of the 1,113-unit senior housing portfolio known as Destinations Living One. A total of four properties were included in the $75,000,000 transaction: Destinations at Valley View, Destinations at Pebble, Destinations at Spring Valley, and Destinations at Oakey.

This acquisition, in partnership with Angelo, Gordon & Co., was executed within one month of identifying the investment target. A diligent balance between financial, legal, and operational aspects were addressed in the abbreviated timeframe. Closing the transaction swiftly highlights Interwest?s ability to assemble highly-capable teams and complete complex acquisitions in short-order.

Interwest is excited to have engaged CompassRock Real Estate, a firm with 30,000 units under management, to run the day-to-day aspects of the properties. The four Destinations properties represent Interwest?s 12th multifamily acquisition in its diverse, and growing, commercial real estate portfolio. The four properties will continue to be operated as age-restricted communities while they undergo capital improvements to keep the properties fresh and competitive.

About Interwest Capital Corporation
Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 4.00 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest now owns 12 apartments totaling 3,100 units across the United States.

For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.

Jul 03

Interwest Makes Fifth Texas Acquisition

By Amy Wolff Sorter
GlobeSt.com

COLLEGE STATION, TX? SoCal buyer Interwest Capital Corp. has added to its Texas portfolio with the recent buy of the 904-bed Woodlands of College Station. The class A student housing complex serves Texas A&M University.

According to the Brazos Central Appraisal District, the seller was a limited partnership based in Athens, GA. The appraisal district assesses the complex at $33.8 million.

The good news when it came to the student housing property at 1725 Harvey Mitchell Pkwy. is that it?s close to 100% occupied and ?pre-leasing for the upcoming 2013-2014 academic year has been incredibly strong,? comments Interwest investment analyst Justin Shifrin.

Shifrin and Interwest vice president of acquisitions Scott Wittman tell GlobeSt.com that, from a strategic standpoint, the buy has enabled Interwest to continue its growth both in the student housing sector and in Texas, where it already owns three other multifamily properties.? Interwest has established a long history of identifying and underwriting complex and convoluted assets in growth-oriented markets,? Wittman notes. One of the markets is Texas, and Woodlands of College Station is the company?s fifth buy in the Lone Star State.

?Complex? describes the challenges in acquiring this asset. Shifrin explains that buying Woodlands of College Station had a complex governance and organizational structure. ?A total of 557 units were originally constructed, with a portion of the project dedicated as for-sale condominiums and the remainder as rental apartments,? he says. Because of this structure, Shifrin says getting the legal documentation and financial assessments for the common areas and privately owned units was challenging.

Now that Interwest has closed on the five-year-old property, the next step is to complete furnishing the remaining units (half of the units as of now are leased on a furnished basis). Shifrin adds that common area upgrades are also planned.

Jun 27

Interwest Capital Acquires The Woodlands of College Station Student Housing Community

By InterCap In 2013, Company News and Information /

La Jolla, CA ? Interwest Capital Corporation is pleased to announce its purchase of the 904-bed Class A student housing project known as The Woodlands of College Station. A management contract for an additional 440 beds was also included in the transaction. This acquisition proved to be exceedingly intricate and necessitated a delicate balance between financial, legal, and operational aspects. The underwriting and execution highlights Interwest?s ability to assemble highly-capable teams and complete complex acquisitions in record time.

Interwest is excited to have engaged Campus Advantage, one of the largest student housing operators in the United States, to manage the property. The Woodlands of College Station is the 8th multifamily property in Interwest?s diverse, and growing, commercial real estate portfolio. The 43-acre property will continue to be operated as a by-the-bed student housing community due to its close proximity to Texas A&M University?s 50,000 students.

About Interwest Capital Corporation
Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 3.25 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest now owns eight apartments with nearly 2,000 units across the United States.

For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.

Jun 12

San Francisco’s Historic Galleria Park Hotel to Redefine Modern Luxury After $4 Million Restoration

By InterCap In 2013, Company News and Information /

The Wall Street Journal

With roots dating back to 1860s, boutique hotel offers quintessential San Francisco experience

SAN FRANCISCO–(BUSINESS WIRE)–June 12, 2013–
In August 2013, the 177-room Galleria Park Hotel will complete an 18-month, $4 million renovation to celebrate its rich heritage and enhance its stylish appeal to today’s discerning traveler.

The Galleria Park Hotel is built upon the site of the former Lick House, recognized as the country’s finest hotel west of the Mississippi when it opened in 1862, and the Occidental Hotel, described as “Heaven on a Half Shell” in Mark Twain’s novel, “Roughing It”.

The Lick House and the Occidental Hotel reigned as San Francisco’s Grande Dames until they were destroyed by the 1906 Earthquake and Fire. Their prime location gave birth to the Hotel Sutter, today’s Galleria Park Hotel, in 1911. The Galleria Park Hotel is the most historic property within the Joie de Vivre collection.

“Throughout the decades, San Francisco’s grand sense of hospitality has survived and thrived to make it one of the world’s most popular destinations. We are honored to be part of this tradition and strive to be as relevant today as the Lick House and Occidental Hotel were more than 150 years ago,” comments James Lim, regional managing director for Joie de Vivre Hotels.

The hotel exudes a timeless yet vibrant style, combining its original Art Deco and Art Nouveau design with contemporary elements and services for a one-of-a-kind experience.

Key aspects of the renovation project include:

— A chic redesign of the hotel’s guest rooms and suites. Updates include
stunning accent walls, designer furnishings, Frette linens, large HD
televisions and the installation of marble bathrooms with mosaic glass
walls and rain shower treatments. The guest rooms’ high ceilings,
expansive windows and jewel-toned color palette create an inspiring oasis
for work or play.

— The introduction of Franck Leclerc’s Gaspar Brasserie, where guests can
savor French fare by celebrated chefs Brigitte Batson and Patrick Kelly
in an inviting bi-level restaurant and bar showcasing an eclectic mix of
vintage design pieces.

— The creation of the Legacy Room, which will replicate the Hotel Sutter’s
original speakeasy and feature historical memorabilia.

— New landscaping and d?cor on the hotel’s outdoor Park Terrace —
perfect for viewing the cityscape with a glass of wine.

— Internet hardware upgrade providing a 500 percent increase in bandwidth

— the highest available in San Francisco hotels.

— Expansion of the hotel’s impressive collection of fine art prints and
photography, ranging from the 1930s to the present, to all public and
private spaces within the hotel.

— State-of-the-art equipment in the Fitness Studio boasting
floor-to-ceiling windows.

The Galleria Park Hotel offers a hosted wine hour daily, complimentary Wi-Fi access and a pets-stay-free policy, welcoming dogs of any size with a bowl of organic biscuits. Rates start at $229 plus tax.

A hidden gem favored by celebrities, statesmen and guests seeking style and comfort, the Galleria Park Hotel is centrally located in San Francisco at 191 Sutter Street — steps away from the Financial District, world-class shopping and cultural attractions. Click here for images of the Galleria Park Hotel. For more information, call 1-800-792-9639 or visit www.galleriapark.com.

The Galleria Park Hotel is owned by Interwest Capital and managed by Joie de Vivre Hotels. Founded in 1987, Joie de Vivre manages 30 boutique hotels offering authentically local and eclectic experiences in California and Honolulu, Chicago and Scottsdale, Arizona. Joie de Vivre is a Commune Hotels & Resorts brand.

Jun 06

Interwest Capital Acquires the 149-room Tutwiler Hotel, Birmingham, Alabama

By InterCap In 2013, Company News and Information /

Hotel-online.com

HRI Lodging Selected as Property Manager

La Jolla, CA ? June 6, 2013 – Interwest Capital Corporation is pleased to announce the acquisition of the historic Tutwiler Hampton Inn & Suites in the heart of Birmingham, Alabama. Interwest is excited to have engaged HRI Lodging Inc., a national leader in the hospitality sector, as management of the hotel adding another asset to their expanding relationship. The Tutwiler Hotel is the 6th hotel property in Interwest?s diverse commercial real estate portfolio.

The Tutwiler Hotel was originally constructed in 1913 as the Ridgely Apartments by the Jemison Company. The property operated as a multifamily building until the mid-1980s when a major renovation was needed. In 1985, The Tutwiler Hotel was taken down to the supporting structure and refitted with an entirely rebuilt interior. From 2005 through 2007, The Tutwiler Hotel underwent a $9.2-million renovation that, among other items, added a top-quality restaurant and provided for upgraded guest rooms.

The 149-room Hotel offers well-appointed guest rooms, 3,800 sf of meeting facilities, a fitness studio, a business center and a ballroom with seating for 200 people. A $2-million plan is in place to expand the event and banquet space to over 11,000 sf and update the Hotel?s accommodations.

The Tutwiler Hotel is two blocks from the Birmingham Jefferson Convention Complex, where approximately 1.5 million people attend conferences annually. The burgeoning Entertainment District surrounding The Tutwiler Hotel is expected bring new restaurants, entertainment venues, and businesses drawing an estimated six million visitors each year.

About Interwest Capital Corporation

Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 2.8 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest now owns six hotels with more than 1,000 hotel rooms across the United States.

For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.

About HRI Lodging

HRI Lodging, Inc. (HRIL) is one of the 50 largest hotel management companies in the U.S. with a current portfolio of 18 hotels and resorts spanning the continental U.S. By building alliances with major domestic and international investment firms, the organization pursues a dual mode growth strategy of managing independent, boutique properties as well as partnering with industry leading brands, including Marriott, Hilton, Hyatt, Starwood and Intercontinental Hotel Group. HRI Lodging is the hotel management division of New Orleans-based HRI Properties, a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI?s mission is: Revitalizing Cities by Creating Diverse, Vibrant and Sustainable Communities.

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