San Antonio Hotel Faces Courthouse Auction
While a number of hospitality ventures have thrived since the Covid pandemic, a number of hotels didn’t survive. An Embassy Suites hotel on the Northwest Side has gone into foreclosure. The property just north of the Loop 410 and I-10 interchange, is scheduled to be auctioned off next month.
The San Antonio Business Journal reports the site, formally known as Embassy Suites by Hilton San Antonio NW I-10, was purchased in July 2015 by California-based Hotel Capital LLC. The firm took out a $43.5 million mortgage from NXT Capital, a middle-market lender based in Chicago. In 2018, the mortgage was transferred to asset manager Sound Point Capital’s Global Investment Fund I. The property was recently assessed at about $22.7 million.
When it initially acquired the site, Hotel Capital’s mortgage maturity date was slated to mature in 2018. The firm receive a number extensions on the maturity date. May 31, 2022, was most recent maturity date.
The auction is scheduled for June 6 at the Bexar County Courthouse.