Resort Owner Douglas Jaffe Scoops Downtown S.A. Building

The owner of Austin’s Horseshoe Bay Resort just scooped up a property in downtown San Antonio, possibly adding to the wave of hotels near the city’s River Walk

Douglas Jaffe acquired the vacant 6,500-square-foot office building at 1012 Navarro Street from Affinius Capital, formerly USAA Real Estate Company, the San Antonio Business Journal reported.

Terms of the deal weren’t disclosed, but the property was recently valued at $1.1 million, according to the Bexar County Appraisal District. The two-story building is dwarfed by the 300 Convent and One Riverwalk Place office towers where Affinius currently operates.

Jaffe’s plans for the site are unclear, but it is near River Walk hotels such as Hotel Havana, the Thompson and el Tropicano. The property’s zoning allows uses such as multifamily, bars and offices, the outlet said.

Other developments in the works indicate that San Antonio’s hospitality industry will only continue to prosper. Harris Bay is planning a $19 million River Walk hotel called the Artista, a 121-key building spanning 71,000 square feet across eight stories.

Blueprint Hospitality is also joining the party, announcing in February that it will spend $55 million to convert the old CPS Energy headquarters at 145 Navarro Street into a 243-key, 230,000-square-foot hotel, dubbed El Portal, as part of Marriott’s exclusive Autograph banner collection.

—Quinn Donoghue