Gresham James Hotels scooped up a San Antonio River Walk hotel.
The Dallas-based firm took control of the 128-key Home2 Suites by Hilton San Antonio Riverwalk at 603 Navarro Street for an undisclosed amount, according to the San Antonio Business Journal. While the details of the deal are sparse, the outlet noted that Gresham James took out a $16.5 million loan as part of the purchase. The company plans to renovate the location amid a slight pivot for more corporate and leisure travel. The hotel was last valued at $10 million by the Bexar Central Appraisal District.
Gresham James primarily operates extended-stay hotels in the sprawling Dallas-Fort Worth Metroplex. Only one of their properties, the Lancaster Hotel at 701 Texas Avenue in Houston’s Theater District, is outside of North Texas. The company’s other North Texas properties spiderweb across the northeastern part of the area, spanning from Frisco to as far south as Addison.
San Antonio’s lagging tourism industry is adversely affecting its commercial real estate industry. 2025 saw a 7 percent drop in hotel revenue, with only 2.5 million room nights sold in the year’s fourth quarter. That’s nearly a 220,000 room night drop year over year from 2024, according to the outlet. Occupancy dropped more than 5 percent as well. Despite this data point, no one seems to have soured on the San Antonio hotel market.
Other developments include IBC Bank’s plans to convert an office building on East Houston street into a 300-key hotel, and Zachry Hospitality opened the doors of the $185 million Monarch Hotel earlier this year.
There are however negative signs in the forecast: Lenders Sunrise Realty Trust and Southern Realty Trust took over the Thompson San Antonio after a foreclosure auction bid of $40.6 million. Sunrise Realty Trust and Southern Realty Trust refinanced the property with a $44 million senior loan in 2024.The lenders are still preparing to flip the property.
— Hunter Cooke
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