San Antonio City Council paves way for deal to sell Grand Hyatt

– The San Antonio City Council approved several items Thursday that pave the way for Hyatt to sell off its 1,003-room River Walk hotel, which sits on city land, in a deal worth up to $450 million.

Seven council members voted in favor, while three abstained: Councilman Jalen McKee-Rodriguez , Councilwoman Teri Castillo , and Councilwoman Ana Sandoval .Hyatt wants to continue managing the Grand Hyatt San Antonio River Walk next to the Henry B. Gonzalez Convention Center while selling off the building itself.

But, to help with the project’s financing, the city pledged to cover debt payments on the bond with city tax dollars in case the hotel’s revenues weren’t enough. The hotel’s new owner would be CFC-SA, a limited liability company, whose sole member is the Arizona-based nonprofitUnder the proposed deal, Hyatt would continue to operate the hotel, while the nonprofit holds the building in trust for the City of San Antonio.Pay Hyatt for the hotel acquisition - estimated to be about $140 million depending on market conditionsReimburse the city for the $10.

David Peters, the senior vice president of the Corporate Transactions Group for Hyatt Hotels Corporation, told reporters Thursday that Hyatt is trying to sell down its property.“And that’s geared towards shifting our earnings mix more toward a fee based earnings mix, as opposed to a owned real estate based earnings mix,” Peters said.

Source: Loan Digest (loandigest.net)

That piece of crap should have never been built.. it’s ugly as hell and looks out of place.. Downtown looked better without it

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