Blackstone Unloads Two San Antonio Hotels for $32M

Blackstone, one of the world’s largest private equity firms, has sold two hotels along the future path of San Pedro Creek Culture Park. The park is the re-imagination of what had been a concrete ditch for decades, and now is filled with landscaping, walkways, stone walls, public art and water features. It snakes west through Downtown San Antonio. The town is expecting the project to bring in $1.5 billion in economic development.

Nexgen Management acquired the 95-room Residence Inn (in picture) and adjacent 110-room Fairfield Inn & Suites on the 600 block of South Santa Rosa Avenue for about $32 million.

Dallas-based Nexgen said it plans to renovate both hotels and boost revenue starting next year. The firm also plans to build a 300-room, $100 million hotel nearby. “We are extremely excited to revamp these properties to their utmost potential,” CEO Paul Uppal said.