Texas
San Antonio hotel market had the best fourth quarter in Texas
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Mid-tier hotel near South Texas Medical Center on market
Seller looks to check out of La Quinta after 16-year run
The 168-key La Quinta Inn & Suites San Antonio Medical Center NW is on the market for $21 million, or $125,000 per room.
The eight-story, 102,000-square-foot building is at 4431 Horizon Hill Boulevard, about two miles from the South Texas Medical center, a 900-acre complex of 12 hospitals, 45 clinics , college-level healthcare programs, and various other medical offices.
The seller is a limited partnership that has owned the property since 2006. The hotel was built in 2007 and renovated over the past three years, according to the listing. It reports $4.92 million in revenue for the 12 months preceding April 2022. Marcus & Millichap’s Allan Miller and Chris Gomes are the agents.
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The hotel is central to several other key sites in the area, about 10 miles from the San Antonio International Airport, where a $2.5 billion expansion is slated to start in 2024. It’s eight miles from Six Flags Fiesta Texas, 10 miles from the Alamo and about the same distance from a planned new $510 million training facility for the San Antonio Spurs called the Human Performance Campus.
The San Antonio hotel market took a hit at the beginning of the pandemic in 2020 but bounced back last year, reporting $335 million in revenue in its fourth quarter of 2021 — more than Dallas, Houston and Austin in the same quarter. Guests booked three million nights in San Antonio metro area hotels in the same quarter.