Historic Camino Real Hotel Gets $70M Reno
- Oct 31, 2016
By Anca Gagiuc, Associate Editor
San Antonio—The Meyers Group announced the purchase of Camino Real Hotel, a 256-key historic hotel located in downtown El Paso, Texas. The deal marks the company’s second acquisition in the Texas border town. The financial details of the transaction were not disclosed.
The 104-year-old asset was acquired from Grupo Empresarial Angeles, a Mexico City conglomerate that owns the Camino Real Hotel chain in Mexico. The Meyers Group plans to complete an 18-month, $70 million renovation and rename it Hotel Paso de Norte, its original name.
“The hotel was for many years the crown jewel of the Southwest. Our vision is to restore it beyond its former glory and to finally fulfill the pressing need for a convention hotel in downtown El Paso,” Josh Meyers, director of real estate development at Meyers Group, said in a prepared statement.
Originally built in 1912, the Camino Real has been listed on the National Register of Historic Places since 1979. The Meyers Group will renovate the asset in partnership with Two Sabes LLC. The renovation plans include revamping the rooms, the entire lobby level, including a famous domed restaurant and bar, the grand ballroom on the second floor, as well as the meeting rooms and the conference space. Furthermore, the hotel’s historic 10-floor ballroom and terrace will be restored to their original opulence and feature a luxurious full-service spa and gym, pool with poolside deck, as well as food and beverage service on the terraces overlooking the city.
Images courtesy of Camino Real Hotel