Need to watch a $40 million sale of prime downtown actual property? Simply stroll down Nueva Road on the correct day.
On a midafternoon in March, the solar beat down on a small circle of individuals gathered on the garden between the Paul Elizondo Tower and the Bexar County Courthouse.
Lawyer James Rogers was the point of interest of the gathering. Wearing brown trousers, a checkered swimsuit jacket and tinted sun shades, he learn from a thick stack of papers and described the property strains of the Thompson San Antonio River Stroll Lodge.
Open in 2021, luxurious lodge overlooks the River Stroll from its northern, Museum Attain stretch. On the high of its 20 flooring of lodge rooms and luxurious condominiums sits the rooftop bar the Moon’s Daughter.
In 2024, the constructing was put up as collateral for a $44 million mortgage.
Rogers was serving in its place trustee for that mortgage settlement between two realty trusts and Lex Avenue LLC, the house owners of the Thompson Lodge.
The 20-story downtown high-rise has a mixture of lodge rooms and condominiums and had been hit with a foreclosures discover after Lex Avenue LLC and DC Companions, which opened the constructing in 2021, didn’t repay the $44 million mortgage, in keeping with the discover.
After describing the situation and geography of the property on the March 3 public sale, Rogers appeared on the dozen or so onlookers that had assembled on the garden and requested if anybody was concerned with buying the Thompson.
A consultant from Southern Realty Belief Holdings spoke up and browse a quantity from their telephone. Southern Realty Belief had loaned DC Companions the $44 million, in keeping with a foreclosures discover filed with the county, and had credit score for the acquisition from the unpaid mortgage.
The corporate bid simply over $40 million.
“Do we have now any bids over $40,584,215?” Rogers requested, wanting round and checking his watch. “Going as soon as at $40.584 [million]. Going twice. Bought for $40,584,215.”
Similar to that, a main piece of Riverwalk actual property — with a rooftop bar and 162 lodge rooms — was bought on the facet of a sunny downtown road.
Properties are sometimes auctioned there on the primary Tuesday of each month. Normally, foreclosed homes are bought in the identical courtyard subsequent to the Bexar County Courthouse. Onlookers collect underneath canopies and on tenting chairs to observe or take part.
DC Companions got 4 alternatives to repay the mortgage after it took it on in December 2024, in keeping with the foreclosures discover. Points on the Thompson stemmed from a struggling lodge market in San Antonio, DC Companions said.
The sale solely applies to the frequent areas and lodge, not residential models or condos which were bought individually. Hyatt manages the lodge rooms.
“We wish to reassure our colleagues, friends, clients, and neighborhood that Hyatt will proceed to handle the lodge underneath its present administration settlement. Right now, we don’t count on change in operations or service ranges on the lodge in reference to the transition,” learn an announcement from the corporate.
Camille Peretz, an account director for the agency that manages public relations for the Thompson Lodge, confirmed that Southern Realty Belief is the constructing’s new proprietor.
The $44 million mortgage got here from Dawn Realty Belief and Southern Realty Belief, firms based mostly in Maryland and Delaware, respectively. The registered agent for each firms is the Company Creations Community, an organization that gives enterprise and registration companies for varied shoppers.
A consultant for the brand new house owners didn’t touch upon Tuesday after the public sale and didn’t disclose their identify.
