Less than a month after FPA Multifamily closed on its buy of Éilan Luxury Residences in San Antonio, a Florida investor nabbed the adjacent Éilan Hotel and Spa. Bluegreen Vacations Corp. acquired the 165-key asset for $34.3 million. According to local media, the hotel’s previous owner, Lone Star Funds, has been selling pieces of the 120-acre, mixed-use Éilan community on San Antonio’s far north side.

The new owner, which is based in Boca, Raton, FL, indicated it would add a 13,000-square-foot sales office on the property at 18603 La Cantera Terrace. “The Éilan Hotel and Spa property is consistent with our ‘drive-to’ resort strategy with over 10% of current Bluegreen Vacation Club owners living in Texas and its surrounding states,” said Bluegreen’s Shawn Pearson.

The National Bank of Arizona is providing up to $27.5 million of financing, $24.3 million for the acquisition, and an additional $3.2 million to fund future improvement costs.

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