The hospitality industry continues its Covid comeback. Merritt Development Group and the Peachtree Group are planning a Residence Inn by Marriott at 100 N. Main Ave. in San Antonio. The team is aiming to deliver 171 rooms over ten stories. The 124,000-square-foot property would also see a rooftop pool and terrace, a fitness center and meeting rooms. Construction is expected to cost $58 million, with Peachtree serving as the owner-operator.
Peachtree Group closed on the parcel in October.
The San Antonio Business Journal reports the piece of land has long been the subject of hotel plans. REM acquired it in 2016, hoping to build an 18-story, Cambria-branded mixed-use building with Maryland-based Choice Hotels.
A timeline for construction has yet to be disclosed. Memphis, Tennessee-based BGKT Architects is designing the hotel.
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Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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Read MoreConnect CREThe hospitality industry continues its Covid comeback. Merritt Development Group and the Peachtree Group are planning a Residence Inn by Marriott at 100 N. Main Ave. in San Antonio. The team is aiming to deliver 171 rooms over ten stories. The 124,000-square-foot property would also see a rooftop pool and terrace, a fitness center and …
The post JV Planning San Antonio Residence Inn appeared first on Connect CRE.
