Two adjacent hotels in downtown San Antonio have changed hands for a little more than $30 million.
Nexgen Management bought the 95-room Residence Inn and 110-room Fairfield Inn & Suites on the 600 block of South Santa Rosa Avenue from private equity giant Blackstone for $32 million, the San Antonio Express-News reported. The hotels are located along the future path of the San Pedro Creek Culture Park, a planned makeover of the waterway that winds through west downtown.
Dallas-based Nexgen plans to renovate the existing hotels to boost their revenue and build a new $100 million 300-room hotel nearby.
“We are extremely excited to revamp these properties to their utmost potential,” Nexgen CEO Paul Uppal told the outlet.
The San Pedro Creek Culture Park renovation calls for the waterway, which is currently little more than a ditch, to be deepened, widened and beautified. That $300 million San Antonio River Authority project is being done in four phases and is almost halfway complete. A portion of the park, located between Houston Street and César E. Chávez Boulevard, opened in October. It features a 15-foot-tall water wall, ceramic mural and pedestrian bridge with glow-in-the-dark stones.
The segment of the park where Nexgen’s newly purchased hotels are, between Guadalupe Street and Chávez Boulevard, is part of the public project’s last phase. Plans call for trails, lighting, fencing, art displays, new paving and seating areas.
Blackstone affiliates own other San Antonio properties including the JW Marriott San Antonio Hill Country Resort & Spa on the Northeast Side, a Springhill Suites hotel on South St. Mary’s Street downtown and a Vance Jackson Road apartment complex.
Nexgen’s $100 million portfolio includes hotel properties in North and South Texas as well as some residential developments in California.
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