The San Antonio River Walk’s first hotel, the historic 324-room El Tropicano, has been bought by a local partnership that includes Boerne-based Phoenix Hospitality Group and Alamo Equity LLC — with plans for a potential $50 million-plus renovation.
While the price was not disclosed, Phoenix Hospitality Group founder and CEO Ed McClure said the property sold for more than $12.2 million, the value assessed by the Bexar County Appraisal District. The deal closed on Dec. 5, assisted by Vantage Bank, which provided senior financing, and Weston Urban Financial, which provided mezzanine financing.
“We are equally excited about spearheading the repositioning of El Tropicano into a new beginning and having formed new relationships with two San Antonio powerhouses — Weston Urban Financial and Alamo Equity — to make this happen,” McClure said in a statement. “We appreciate that Vantage Bank has once again come through for us as they have on previous [Phoenix Hospitality Group] projects.”
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