BC LYND Hospitality Buys 103-Year-Old Hotel
- May 29, 2012
BC LYND Hospitality has bought an historic hotel in downtown San Antonio. The 103-year-old hotel, called the St. Anthony Hotel, will undergo about $24 million in renovations.
BC LYND is a joint venture of LYND and BC Commercial Partners L.L.C. The property represents the first significant acquisition that the joint venture has made since formation, according to the San Antonio Business Journal.
The St. Anthony hotel was built in 1909 as the first luxury hotel in the city. A year later, the hotel doubled its capacity to 430 beautifully furnished rooms. It has been financially unstable for more than two years.
In addition to its amenities and elegant décor, the hotel offers a great location, as it is within walking distance of the San Antonio Convention Center, Paseo del Rio Riverwalk, Rivercenter Mall, Alamo and La Villita.
Meanwhile, RioCan expects to pay $7.8 million for a 90 percent non-managing interest in the Ingram Hills Shopping Center in San Antonio. The acquisition is part of its RC Sterling Joint Venture, according to Citybizlist.com.
Ingram Hills is an 80,307-square-foot infill grocery-anchored neighborhood retail center located nine miles northwest of downtown San Antonio. The retail property is 100 percent leased. Ingram Hills was built in 1978 and was renovated in 2003. The property is anchored by grocer La Fiesta. Other tenants include Dollar General, Little Caesars, Chase Bank, Subway and T-Mobile.
The Canadian trust also announced the acquisition of an 80 percent interest in the retail portion of Montgomery Plaza on West Seventh Street in Fort Worth this week. The two Texas purchases will total $62.2 million.
Photo credits: www.thestanthonyhotel.com