Grapevine-based real estate investment firm 2GR Equity has made an equity investment into a joint venture with Presidian Hotels & Resorts.
On June 13, 2019, the newly-formed JV acquired the hotel located at the northeast corner of Interstate 410 and McCullough Ave, approximately 2 miles west of the San Antonio International Airport. The 291-room DoubleTree boasts Spanish colonial architecture and Spanish mission influenced guest rooms and suites. In addition, the DoubleTree offers over 12,000 square feet of meeting space, an 8,000 square foot interior courtyard, as well as the Cascabel Restaurant and Bar.
Major renovations are planned for the hotel including all new guestrooms, a complete overhaul of the lobby/bar/restaurant area as well as upgrades to the iconic interior courtyard. Presidian, along with Alamo System Industries serving as general contractor, will be responsible for overseeing all renovations to the hotel, which are set to commence by the end of 2019.
2GR Equity Principal and cofounder, David Gregory, states:
“We have witnessed strong RevPAR growth in our other two San Antonio hotel investments during the last few years, and we expect that to continue for the foreseeable future. Further, the DoubleTree San Antonio Airport is a unique opportunity to purchase an asset well below replacement costs with a strong, local operating partner in Presidian. We are very excited to see what this property can achieve upon completion of the renovations.”
The San Antonio office of Vantage Bank provided the acquisition and construction loan.