Dive Brief:
- Birmingham, Alabama-based investment firm Highline Hospitality Partners has acquired the dual-branded AC Hotel San Antonio Riverwalk and Element San Antonio Riverwalk in Texas, according to a Wednesday news release. Financial terms of the transaction were not disclosed.
- The property was converted from an office building into a dual-branded hotel operating under the Marriott flags in 2022 following a comprehensive redevelopment, per the release. Plano, Texas-based Avion Hospitality will manage the hotel.
- The acquisition expands HHP’s growing hotel portfolio. The hospitality investment firm is among others making strategic acquisitions this year as the hotel investment landscape shifts.
Dive Insight:
The dual-branded property features a 162-key extended stay Element hotel on floors seven through 12 and a 181-key AC hotel on floors 13 through 20, per the release. The property offers two full-service dining concepts, including a rooftop restaurant and bar, as well as 4,000 square feet of flexible meetings space, a fitness center and a business center.
The hotels “have been institutionally maintained,” HHP Managing Partner Chuck Pomerantz said in a statement. They also “benefit from their strategic location, steps from the Riverwalk in the growing Riverwalk West submarket,” HHP Managing Director Jordan Scheiman said.
HHP acquired the dual-branded hotel after buying the Pittsburgh Marriott North hotel in Pennsylvania in February along with the Hilton DFW Lakes Executive Conference Center in Texas and the Westin Poinsett Greenville in South Carolina in March, per the release.
With its latest acquisition, HHP owns a portfolio of 21 hotels comprising more than 5,500 guest rooms and roughly $1.7 billion in hospitality assets under management, per the release. The firm targets investment opportunities where it can “drive significant value through operational enhancements, strategic capital deployment and disciplined asset management.”
HHP is among hotel investors pursuing deals this year as the debt market stabilizes and secular tailwinds drive confidence, hospitality executives shared at June’s NYU International Hospitality Investment Forum in New York City.
