Highline Hospitality Partners, the hospitality investment platform launched by Highline Real Estate Partners, has acquired the dual-branded AC Hotel San Antonio Riverwalk and Element San Antonio Riverwalk and selected Avion Hospitality to manage the properties. Details of the transaction, including the purchase price, were not disclosed.
Originally constructed as an office building in 1983, the building underwent an adaptive-reuse redevelopment between 2019 and 2022, which converted certain floors into a dual-branded hotel operating under the AC and Element flags, both of which fall within the Marriott family. Taking up floors 13-20, the AC has 181 guestrooms while the Element (located on floors 7-12) has 162 oversized extended-stay guestrooms with a full-service kitchenette and sleeper sofa.
The combined hotels have two full-service F&B outlets, including 1Watson, a rooftop restaurant and bar on the 15th floor. The property also has 4,000 square feet of meeting space, a fitness center, a business center, 60,000 square feet of office space on floors 3-6 and 3,000 square feet of ground-floor retail space.
“We are pleased to add the AC and Element San Antonio Riverwalk to our portfolio and to expand our relationship with Avion,” Chuck Pomerantz, managing partner of HHP, said in a statement. “The hotels have been institutionally maintained and are in like-new condition thanks to the recent, extensive renovation, and we are excited to both acquire a high-quality asset and enter the San Antonio hospitality market.”
“The hotels benefit from their strategic location in San Antonio, steps from the Riverwalk in the growing Riverwalk West submarket,” said Jordan Scheiman, managing director of HHP. “We look forward to being part of the local community and are very excited to partner with other like-minded groups as the full vision of the Riverwalk West submarket continues to come to life.”
The transaction marks HHP’s 20th and 21st hotel acquisitions and its fourth and fifth hotels acquired this year, having acquired the Pittsburgh Marriott North in February as well as both the Hilton DFW Lakes Executive Conference Center and Westin Poinsett Greenville in March. With this acquisition, HHP now owns a portfolio of 21 hotels comprising over 5,500 guestrooms and approximately $1.7 billion in hospitality assets under management. In addition, the firm provides third-party asset management services for four additional hotels on behalf of an institutional ownership group, bringing the total number of hospitality properties overseen by HHP to 25.