The city financed construction of the hotel — the largest in downtown San Antonio at more than 1,000 rooms — in 2005 by issuing roughly $208 million in bonds.
Scott Ball / San Antonio Report
“We spent a long time weighing the pros and cons of this deal,” said San Antonio city manager Erik Walsh, who will be bringing the deal before a City Council vote next week. But in the end, Walsh said he didn’t see a lot of downside for the city.with $450 million in bonds, San Antonio would maintain ownership of the land the hotel is built on, Walsh said.
The hotel is connected to the city-owned Henry B. Gonzáles Convention Center, and consultants at the time touted the then-prospective hotel as a way to light a fire forThe deal put the city on the hook for those millions of dollars, if the hotel couldn’t make the payments., it still managed to make those payments until 2020, when the pandemic walloped the hotel industry and left it reeling, even after lockdowns lifted.
And even now, the industry hasn’t fully recovered. According to Source Strategies, a hotel industry consulting group based in San Antonio, occupancy rates and lodging revenue for hotels in the city still lags behind where it was in 2019.
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