El Tropicano River Walk was sold in an off-market transaction months after being broadly marketed and going under contract before the deal was called off. The project has been selected as the winner of the 2024 CoStar Impact Award for sale/acquisition of the year for San Antonio, as judged by a local team of real estate professionals familiar with the market.
The historic hotel, located on San Antonio’s River Walk, had been closed since the start of the COVID-19 pandemic and came with significant deferred maintenance issues. Those maintenance issues will be assumed by the new owners – The Town Lake Co., Trestle Studio and Sopris Capital – which helped the hotel avoid a foreclosure sale.
The new ownership team expects the hotel property would be completely renovated by 2029.
The 308-room hotel, according to JLL, presented a unique investment opportunity in a portion of San Antonio known for drawing tourist traffic.
About the Project: The Town Lake Co., Trestle Studio and Sopris Capital bought the historic hotel in downtown San Antonio from El Tropicano Hotel LLC. Steve Leslie and Chris Dewey of JLL were the listing brokers.
What the Judges Said: “El Tropicano has its own unique historic significance among the older well known downtown San Antonio hotels. Challenges have plagued the property for years, and with the sale to new owners/investors who have a vision to take this asset and redevelop it with the specialness it deserves, this acquisition is top of the list for the year,” JLL Senior Vice President Lisa Mittel said.
They Made It Happen: JLL Vice President of Hotels & Hospitality Steve Leslie, JLL Managing Director Chris Dewey and Trestle Studio Managing Director of Acquisitions & Development Daniel Lacouture helped prevent a foreclosure sale and arranged for El Tropicano to be sold privately.