Deal Closes for 149-Room Riverwalk Hotel

SAN ANTONIO-Hawthorn Suites Riverwalk, a 149-unit all-suite hotel at 830 N. Saint Marys St., has been sold to RW Hotel Associates LP, an affiliate of Trans Inns Management of Farmington Hills, MI. The seller was Riverwalk Suites LP of San Antonio.

Myra Moren, a director in the Houston office of Holliday Fenoglio Fowler LP, tells GlobeSt.com the seller and buyer declined to disclose the purchase price at this time “for various tax reasons.” However, hotel brokers familiar with the eight-year-old property, tell GlobeSt.com they place the estimated price in the $20-million range or about $130,000 per unit. A source intimate with deal’s closing tells GlobeSt.com the contract price was “well above” $90,000 per unit. GE Capital Real Estate provided the acquisition and renovations loan which will be serviced through HFF.

HFF senior managing director James E. Savage and managing director B. Jeffrey Knowles, along with Moren, marketed the property for the seller which developed the hotel in 1998. Knowles tells GlobeSt.com the estimated average 12-month occupancy level is 77%. He says the financial component of the transaction took 60 days to complete.