The JW Marriott San Antonio Hill Country Resort & Spa and TPC San Antonio golf course sit on about 640 acres on the city's Northeast Side.
from a partnership affiliated with Denver real estate firm Miller Global Properties. The purchase price was not disclosed, but real estate records show Blackstone borrowed $405 million to finance the transaction.Plans for the JW Marriott were contentious. Former County Judge Nelson Wolff has said it “probably was the most controversial development project” in the city’s history.
The JW Marriott cost more than $600 million to build. After the price tag swelled from an original estimate of $415 million, Miller Global sued Marriott for $200 million in damages, alleging that the company provided misleading budget estimates and incomplete plans. It was completed in 2010. “It’s definitely been on a steady rise,” said Paul Vaughn, senior vice president at Source Strategies, a San Antonio-based hotel consulting firm. “It’s recovered nicely from the pandemic.”The JW Marriott collected revenue per available room — a key metric used to evaluate a property’s performance — of $174.35 in the first quarter, up from $151.12 during the same period last year.
At $800 million, the consultant said, the transaction appears to be the largest ever in the area’s hospitality industry.
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