SAN ANTONIO – (Realty News Report) – Blackstone has agreed to buy the 1,002-room JW Marriott San Antonio Hill Country Resort & Spa for $650 million, according to reports.
The seller, a partnership of Miller Global and Principal Real Estate Investors, is represented by Eastdil Secured.
The 644-acre resort, located about 17 miles north of downtown San Antonio near Highway 281, has two golf courses and a 7-acre water park.
San Antonio news reports differ in characterizing the status of the deal. But Blackstone is definitely in serious talks to acquire the property, one of the most profitable hospitality operations in the state.
The San Antonio hotel market is projected to have strong increases in RevPAR and occupancy rate this year, according to a CBRE report.
“By year-end 2018 in San Antonio, hotels are forecast to see a RevPAR increase of 4.2 percent. This is the result of an estimated minor increase in occupancy of 0.1 percent and a 4.1 percent gain in average daily room rates ,” CBRE said.
“San Antonio’s hotel market continues to be in balance,” said Jeff Binford, Director of CBRE Hotels group. “Both the supply of new hotel rooms and the demand for those rooms are in equilibrium, resulting in one of the most stable hotel markets in the region. The real opportunity for San Antonio hotels is increasing ADR to drive RevPAR.”