A San Antonio-based hospitality firm is significantly expanding its presence in Texas with the acquisition of two boutique hotels.
Valencia Hotel Group announced on Wednesday the completion of its largest equity raise to date and the acquisition of Cavalry Court and The George, both located in College Station’s Century Square, the San Antonio Business Journal reports.
The company acquired a majority stake in these properties from the Chicago-based investment firm Harrison Street, which has nearly $55 billion in assets under management.
The acquisition means Valencia now holds a controlling interest in its entire managed portfolio.
Cavalry Court, built in 2016, and The George are both situated close to Texas A&M University, which serves to further boost the company’s regional footprint. The George is a modern, 162-key hotel.
“This equity raise and subsequent acquisition of Cavalry Court and The George not only marks our largest investment to date but also reinforces our dedication to expanding our footprint in key markets,” said Roy Kretschmer, COO of Valencia Hotel Group.
The group’s first property was Hotel Valencia Riverwalk, which opened in 2002 with over 200 rooms. The hotel later underwent a multimillion-dollar expansion in 2017, followed by additional upgrades in 2022. In the past year, Valencia appointed Safet Dokara, formerly the company’s corporate director of operations, as the new general manager of the hotel.
Valencia Hotel Group’s portfolio includes Hotel Valencia Santana Row in San Jose, Lone Star Court in Austin, Texican Court in Irving and Cotton Court in Lubbock.
– Andrew Terrell
