Blackstone to acquire San Antonio hotel
Blackstone is in talks to acquire JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, according to local media outlets.
The seller, a partnership of Miller Global and Principal Real Estate Investors, is represented by Eastdil Secured.
The sales price for the 1,002-room hotel, golf course and resort is estimated to be $650 million.
The property opened in 2010 and encompasses 644 acres. The property has maintained a four-diamond rating from AAA since 2013. The resort includes a 7-acre water park called River Bluff, two 18-hole golf courses, a 45,000-square-foot clubhouse, two fitness centers, a high-end spa, 265,000 square feet of indoor and outdoor meeting space, and eight restaurants and bars.
The property is under a long-term management contract with Marriott International.
The San Antonio hotel market is projected to have strong increases in RevPAR and occupancy rate this year, according to a CBRE. By year-end 2018 in San Antonio, hotels are forecast to see a RevPAR increase of 4.2 percent. This is the result of an estimated minor increase in occupancy of 0.1 percent and a 4.1 percent gain in average daily room rates.