SUITE DEAL
New Thompson San Antonio owner eyes $10M in improvements
The new owners of Thompson San Antonio say they are investing $10M on improvements.
Eight months after being hit with a foreclosure notice, downtown’s Thompson San Antonio has a new owner. The Loren Group has purchased the property for $41 million and plans to spend an additional $10 million on hotel improvements.
The purchase will add a fourth hotel to the Manhattan firm’s portfolio. Founded by financier and hotelier Stephen King (no, not that one), the group opened its flagship, the Loren at Pink Beach in Bermuda, in 2017. It followed up with an Austin property on Lady Bird Lake in 2022 and is also in the midst of redeveloping a second Bermuda hotel and opening a resort in Turks and Caicos.
The sale closes a turbulent stretch for the luxe downtown hotel. In February, affiliated lenders Sunrise Realty Trust and Southern Realty Trust issued a default notice for the hotel portion of the building at 115 Lexington Ave. alleging that owner Lex Avenue Hotel failed to pay back a $44 million loan. Sunrise and Southern took over the deed in March.
Houston-based developer DC Partners debuted the Thompson in 2021 before the market began filling up with near-downtown projects like The Monarch, Kimpton Santo, and the Plaza San Antonio Hotel & Spa. In a February statement, a DC Partners spokesperson said the increasingly crowded market and high interest rates hurt the property’s bottom line.
“These factors — including opening during COVID and a broader softness in the San Antonio hotel market — created challenges that were not anticipated and challenging to overcome,” the rep told the San Antonio Business Journal. “This is not a reflection of the quality of the asset or the long-term viability of the project, but rather a convergence of market forces affecting many developers across the country.”

A release did not specify where the Loren Group’s capital expenditures would be directed, but surely some will go towards reopening the lobby restaurant. Landrace, formerly helmed by chef Steve McHugh, has been vacant since July 2025, when it announced it was closing for renovations. Rooftop lounge The Moon's Daughters has remained operational throughout Thompson’s financial struggles.
Reps for Sunrise Realty and the Loren Group did not immediately return a request for more information. We will update this article with any additional details.
