JV Prepares for Construction on 800 Acres

SAN ANTONIO-In its first hotel equity investment, Principal Real Estate Investors LLC has joined forces with Miller Global Properties LLC and Marriott International Inc. to develop the 1,002-room JW Marriott San Antonio Hill Country Resort and Spa. Construction began last week on the 800-acre project, with completion set for the first quarter of 2010.

Prices for similar developments have ranged between $70 million and $100 million. In addition to the guest rooms, amenities and a 36-hole golf course designed by Pete Dye and Greg Norman, the Marriott on Evans Road will have 61,000 sf total of ballroom space; 40,000 sf for the exhibit hall and 10,000 sf of pre-function space. Austin Commercial is the project’s general contractor, and HKS Inc. is the architect. Both companies are headquartered in Dallas.