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SOURCE Ethika Investments
-- Investment marks Ethika's second capital allocation in the San Antonio market and eleventh overall --
SAN ANTONIO, July 1, 2014 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate investment fund, allocated capital for the acquisition of the Marriott San Antonio Northwest Hotel in San Antonio, Texas. This marks the second capital allocation in the San Antonio market and the eleventh total capital allocation from Ethika's Diversified Opportunity Real Estate Fund.
San Antonio is the seventh largest city in the United States and the second largest in Texas. The City is thriving as one of the fastest growing cities in the country with an expected 7.3% increase by 2016. San Antonio was ranked 9th in Forbes list of the "Fastest Growing Cities of the Decade". Each year, more than 26 million tourists visit San Antonio, and the nearby San Antonio International Airport is currently undergoing a $191 million expansion and will add a third terminal in order to meet anticipated growth.
The Marriott Northwest features 296 upscale guestrooms and contains nine well-appointed meeting spaces totaling 8,453 square feet. Built in 1985, the hotel is slated to undergo a $16 million renovation process to reposition the hotel as the top business hotel destination in the market. The hotel is situated on the Northwest Loop, located close to more than 8 million square feet of office space that hosts high-profile corporate tenants and health care facilities, including USAA and South Texas Medical Center.
"Our second allocation in the San Antonio market boasts our utmost confidence in the city's rapidly growing economy. Given its low unemployment rate and pro-business environment, this is a city poised to continue building its presence among domestic and international investors and corporate leaders," said Austin Khan, Chief Investment Officer of Ethika Investments.
"Ethika's capital allocation into this transaction is a perfect fit to our investment strategy in which we seek out assets in vibrant markets, acquire below replacement value, and provide significant upside to be realized after implementation of the renovation program and operational efficiencies," added Talal Elass, Vice President of Fund Management of Ethika Investments.
Ethika Investments is a real estate investment firm formed to provide investors access to a unique platform by tactically investing in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.
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