The JW Marriott San Antonio Hill Country Resort & Spa and TPC San Antonio golf course sit on about 640 acres on the city's Northeast Side.
from a partnership affiliated with Denver real estate firm Miller Global Properties. The purchase price was not disclosed, but real estate records show Blackstone borrowed $405 million to finance the transaction.Plans for the JW Marriott were contentious. Former County Judge Nelson Wolff has said it “probably was the most controversial development project” in the city’s history.
The JW Marriott cost more than $600 million to build. After the price tag swelled from an original estimate of $415 million, Miller Global sued Marriott for $200 million in damages, alleging that the company provided misleading budget estimates and incomplete plans. It was completed in 2010. “It’s definitely been on a steady rise,” said Paul Vaughn, senior vice president at Source Strategies, a San Antonio-based hotel consulting firm. “It’s recovered nicely from the pandemic.”The JW Marriott collected revenue per available room — a key metric used to evaluate a property’s performance — of $174.35 in the first quarter, up from $151.12 during the same period last year.
At $800 million, the consultant said, the transaction appears to be the largest ever in the area’s hospitality industry.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gaylord Texan’s owner buys San Antonio resort for $800 millionThe $800 million deal gives Ryman Hospitality Properties Inc. a resort with 1,002 rooms and 268,000 square feet of indoor and outdoor meeting and event space....
Read more »
WSJ News Exclusive | Blackstone Agrees to Sell San Antonio Resort Hotel for $800 MillionBlackstone has agreed to sell the JW Marriott San Antonio Hill Country Resort & Spa for $800 million in what would be the second largest single-asset hotel deal in the U.S. of the pandemic
Read more »
Walgreens to offer free HIV testing on June 27 at 3 San Antonio storesWalgreens to offer free HIV testing on Tuesday, June 27 at 3 San Antonio stores
Read more »
Teens create mural to reflect relationship between south, west sides of San AntonioThis summer local teens are turning a building into their canvas for a bright community mural.
Read more »
Family of San Antonio man shot while getting haircut at North Star Mall launches GoFundMeThe shooting victim described himself an aspiring rap artist with a criminal history, and his family is seeking help to cover funeral costs. SanAntonio SATX SanAntonioTX CrimeNews Texas
Read more »