June 13, 2019
San Antonio-based Presidian Hotels & Resorts (“Presidian”) has closed on its purchase of the DoubleTree San Antonio Airport. Presidian formed a new JV with Grapevine-based real estate investment firm 2GR Equity to acquire the hotel located at the northeast corner of Interstate 410 and McCullough Ave, approximately 2 miles west of the San Antonio International Airport. The 291-room DoubleTree boasts Spanish colonial architecture and Spanish mission influenced guest rooms and suites. In addition, the DoubleTree offers over 12,000 square feet of meeting space, an 8,000 square foot interior courtyard, as well as the Cascabel Restaurant and Bar.
Major renovations are planned for the hotel including all new guestrooms, a complete overhaul of the lobby/bar/restaurant area as well as upgrades to the iconic interior courtyard. Presidian, along with Alamo System Industries serving as general contractor, will be responsible for overseeing all renovations to the hotel, which are set to commence in mid-2020.
Presidian CEO, Charles Leddy, stated:
“As a native San Antonian, I could not be more excited to have the opportunity to bring this beautiful hotel into our Presidian portfolio and invest into it to bring the hotel back to what it was in its heyday. The hotel is bursting with old world personality. We intend to bring a new age flair to the property, but retain its special architectural elements, including the courtyard, Spanish mission-inspired iron work, water features, and quatrefoil stained glass.”
The San Antonio office of Vantage Bank provided the acquisition and construction loan.
About Presidian Hotels & Resorts
Presidian operates, develops and invests in boutique and premium-branded, select- and limited-service and extended-stay hotel assets under the Marriott, Hilton, and InterContinental Hotels Group flags. As specialists in hotel development and management projects throughout the U.S., Presidian has earned a national reputation of excellence and dependability with an impressive track record of successfully developing and managing over $500 million in successful real estate projects.