JW Marriott Blackstone Group Real Estate Transaction

San Antonio’s most expensive real estate transaction of the year closes

San Antonio’s most expensive property — the JW Marriott San Antonio Hill Country Resort & Spa — has a new owner.

The 644-acre property on San Antonio’s North Side — with 1,002 hotel rooms, a 7-acre water park called River Bluff, two 18-hole golf courses, a 45,000-square-foot clubhouse, two fitness centers, a high-end spa, 265,000 square feet of indoor and outdoor meeting space, and eight restaurants and bars — was bought by The Blackstone Group (NYSE: BX), a New York City-based multinational private equity firm, through an entity connected with its Blackstone Real Estate Advisors LP.

While the price was not disclosed, $405 million was borrowed from Citibank to finance the transaction, property records show. When the deal was first reported by the Business Journal in July, the purchase price was projected at about $650 million. The property was last assessed by the Bexar County Appraisal District for $263.5 million. It was sold by an entity connected to Denver-based Miller Global Properties.

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