Veteran services

Veteran Services USA, Lockwood buys portfolio of hotels for $225 million, plans mixed-use redevelopments

One of the ten properties purchased was Crowne Plaza, located at 7902 South Lewis Ave. in Tulsa, Okla. (Photo).

MIAMI AND SOUTHFIELD, MICH. – Veteran Services USA and Lockwood Asset Management, based in Southfield, Mich., bought a portfolio of 10 hotels totaling more than 1.6 million square feet, for $225 million. The seller(s) were 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 studios and one-bedroom residential apartments for veterans age 55 and older living on a fixed income.

SarahCare, a Canton, Ohio-based brand that provides day care and activities for seniors, will lease space in multiple locations across the portfolio. In addition to the residential space and SarahCare facilities, the building’s existing full-scale kitchen facilities will be available to rent for a shadow 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, Tennessee;
• Clarion Inn located at 3835 McCoy Road in Orlando, Florida;
• Crown Plaza located at 1741 Papermill Road in Reading, Penn.;
• Wyndham Gardens located at 1 West Lafayette St. in Trenton, NJ, 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 that supports veterans and seniors by creating affordable, independent housing, as well as supporting health care and social service programs.