Timbers and Wheelock Street Capital enter strategic partnership
Timbers and Wheelock Street Capital enter strategic partnership – Hotel Business | Hotel Business
Timbers Company, a developer and operator of boutique luxury resorts and private residence clubs, has entered into a strategic partnership with Wheelock Street Capital, a private real estate investment firm.
This mutually beneficial relationship enhances Timbers’ ability to be nimble and ready to exploit opportunities including stabilizing distressed assets, or acquiring hotels, land for ground up development, or pursuing value-add projects, according to the company.
“Wheelock has a track record of demonstrated and consistent outperformance in hospitality investment,” said Greg Spencer, CEO, Timbers Company. “This strategic partnership allows us to further deploy our Timbers development skillset and operational expertise as we seek strategic and growth-focused real estate transactions. The partnership enhances Timbers’ ability to pursue and execute deals in the range of $40 million to $200 million and, in turn, to accelerate our growth both domestically and internationally. This will include the opportunity to diversify and launch another exciting brand later this year. We are thrilled to partner with Wheelock and look forward to helping them deepen their expertise in the high-end resort industry.”
Timbers has ramped up their ability to seek acquisitions with this partnership and together, Wheelock and Timbers are actively seeking sizable hospitality and development assets. With a proven luxury track record and the additional backing of this industry-leading partner, Timbers is in a position to quickly execute across all hospitality verticals including acquisitions, development, rebranding/repositioning and operations, the company reports. And with the coming announcement of a new brand, Timbers will be able to broaden its offerings to a larger market and introduce their resort experiences to more consumers, in more destinations.
“At Wheelock, we believe in the upscale luxury resort market and Timbers is a clear leader in this space with experience in both hotels and private residence clubs,” said Tim Hodes, principal/head, hotel acquisitions, Wheelock. “Knowing the joint venture will be backed by the best-in-class Timbers brand and a full-service team that can develop, manage and sell high-quality leisure real estate was a top priority when choosing Timbers to be our partner. We are confident in and look forward to this partnership as we join forces in writing our growth story.”
Timbers and Wheelock Street Capital enter strategic partnership – Hotel Business appeared first on Hotel Business | Hotel Business – The leading source of hospitality news for owners, developers, designers, brokers, brands, management companies, lenders, REITs & asset managers.