Crowne Plaza
San Antonio Airport
A 224-room full-service hotel acquired out of a foreclosed portfolio, repositioned through a major renovation and new management, and sold in 2022 at a 4.3× equity multiple.
How value was created
Acquired for $5mm out of a foreclosed five-asset portfolio, against a property that had carried a $19mm mortgage.
~$6mm of capex repositioned a dated full-service tower into a competitive airport-market hotel.
New general manager and sales team, plus renegotiated vendor and tax terms, drove cash flow positive in year one.
Disclosures. For informational purposes only; not an offer to sell or solicitation to buy any security. Reflects a single realized investment selected to illustrate strategy and is not representative of all investments or overall portfolio performance. Past performance is not indicative of future results. Figures are approximate, unaudited, and stated on a gross basis; returns do not reflect the deduction of management fees, carried interest, or fund expenses, which would reduce returns realized by an investor. Return metrics are calculated on invested equity and reflect the manager's estimates. Leverage is presented as loan-to-cost.