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$34 million deal brings 'extensive' renovation plans for River Walk hotel
A popular River Walk hotel is set to begin an "extensive" renovation, following a multimillion-dollar sale. The Marriott Plaza Hotel, located near Hemisfair on South Alamo Street, was acquired by White Lodging and REI Real Estate Services on August 5 for $34 million.
In a release announcing the deal, White Lodge teased a renovation for the downtown hotel, scheduled to begin in mid-2020. When asked, a communications rep for White Lodge couldn't reveal any details about the renovation, saying it was still too early in the process to finalize plans.
"We see San Antonio as a growing market for us, and this acquisition provides an array of value enhancement opportunities for guests, the community, and our company," said Deno Yiankes, president and CEO, investments and development at White Lodging, in a release. "When our extensive planned renovation is complete, the hotel will offer a completely differentiated and upscale experience like no other in downtown San Antonio."
Currently, the unique 251-room, six-acre property features a cabana-like outdoor pool, lush gardens, and "several historic 19th century bungalows," which serve as meeting rooms and are part of a combined 17,000 square feet of meeting space.
According to the seller, Ashford Hospitality Trust, the Marriott Plaza "achieved an occupancy rate of 76 percent and average daily rate [average cost per room] of $135 resulting in a $102 RevPAR" from June 2018 to June 2019.
Marriott Plaza Hotel's acquisition is indeed the latest in a massive push by White Lodge into the Texas market. Construction on the Canopy by Hilton San Antonio River Walk, also operated by the Indiana-based hospitality brand, is currently underway and scheduled to be completed in mid-2020, around the time renovations on the Marriott are projected to begin.
In addition to hospitality projects in the Alamo City, White Lodge operates or is currently building nine other hotels in Texas, including a massive 613-room Marriott in downtown Austin.