One of downtown San Antonio's largest hotels is about to be gobbled up by a California investment group. Sunstone Investment Group revealed in a news release that it has entered into an agreement to purchase the Hyatt Regency San Antonio Riverwalk.
The $230 million deal gives the group control over one of the city's most enviably located properties. The 630-room giant at 123 Losoya St. sits between the River Walk and Alamo Plaza, Texas' two most-visited tourist destinations.
The hotel sits in one of the most sought-after locations in the city.Photo courtesy of Sunstone
The latter seemed particularly interesting to the investors. The release noted the ambitious Alamo Visitor Center and Museum project, which is transforming the streets around the landmark mission. The $500 million venture will bring a 4D theater, special event space, rooftop restaurant, and retail space to Alamo Plaza. It will also be a permanent home for singer British singer Phil Collins Texana Collection — a priceless collection of Alamo relics and documents.
According to the release, the hotel was also attractive to the group because it required little near-term capital needs. In 2022, the property underwent a $37 million renovation, modernizing all guest rooms and suites with open-plan layouts.
The acquisition includes nearly two acres of riverfront land and a 516-space parking garage.
"This is the best-located hotel in the city," commented Sunstone CEO Bryan Giglia in the release. "Our premier location allows the hotel to benefit from an attractive combination of group and transient demand in a market that continues to experience positive demographic shifts, increasing hotel demand, and a business-friendly backdrop."
