Downtown is on the precipice of a renaissance. Hotly debated stadiums, arenas and entertainment districts have been touted as game-changers for tourism and downtown desirability, and walkable districts like Hemisfair are seeing booming business growth (even if it’s coupled with headache-inducing construction). But there’s a sliver of the city’s heart that is at a pivotal point in its future amid big-time business switch-ups.
All eyes turned to the northern end of downtown when a shocking foreclosure of a swanky, relatively new San Antonio hotel made headlines. A defaulted loan left the property up for grabs on the front lawn of the Bexar County Courthouse, but with no takers, the investor bought the building back. The investor said it was seeking a quick sale of the hotel, but county land records show it’s still in the investors’ hands four months later, as of July 1.
“Like many hospitality assets across the country, Thompson San Antonio’s performance has been significantly impacted by a combination of prolonged stabilization timelines, a high influx of hotel properties downtown, and most significantly today’s elevated interest rate environment,” a spokesperson with the Thompson Hotel’s developer told MySA at the time of the foreclosure.
While one hotel was facing financial turbulence, the El Tropicano just across the street was nearing the end of a yearslong metamorphosis – a multimillion-dollar renovation that’s about to wrap up. The newly anointed Sítio El Tropicano, reimagined and designed by Michael Hsu Office Architecture, began accepting reservations in late June ahead of its “late 2026” opening…