El Tropicano River Walk Hotel Avoids Foreclosure and Prepares for Revitalization

Chosen by a panel of local real estate experts as one of the top sales projects of 2024 in San Antonio, El Tropicano River Walk is a historic hotel that was acquired in a private deal months after being widely advertised and entering a contract that was later canceled.

This iconic hotel, located on San Antonio’s River Walk, had been closed since the start of the COVID-19 pandemic and had accumulated numerous maintenance issues over time. These will now be addressed by its new owners, The Town Lake Co., Trestle Studio, and Sopris Capital, a negotiation that was recently completed, allowing the hotel to avoid being sold in a foreclosure.

In a statement, the new ownership group enthusiastically announced that the 308-room hotel will be fully renovated by 2029. They decided on this significant investment because it offered a great investment opportunity in a part of San Antonio known for attracting a large number of tourists.

Steve Leslie and Chris Dewey of JLL were the real estate agents in charge of the sale. The negotiation took place between The Town Lake Co., Trestle Studio, and Sopris Capital as buyers of this historic downtown San Antonio hotel, and El Tropicano Hotel LLC as sellers.

Lisa Mittel, Senior Vice President of JLL, stated: “El Tropicano has its own unique historical significance among the oldest and most well-known hotels in downtown San Antonio. The property has faced challenges for years, and with the sale to these new owners and investors who have the vision to transform this asset with the uniqueness it deserves, this acquisition is at the top of the list for the year.”

Daniel Lacouture, Managing Director of Acquisitions and Development at Trestle Studio, Steve Leslie, Vice President of Hotels and Hospitality at JLL, and Chris Dewey, Managing Director of JLL, were the ones who helped prevent the foreclosure sale and arranged the private sale of El Tropicano.

Available Foreclosures:

San Antonio: 15 homes available.

By Elias DaSilva | October 11, 2024.