The upscale Thompson San Antonio-Riverwalk hotel downtown is slated to be sold at a foreclosure auction next month, with owner DC Partners saying it has been hit hard by high interest rates and a growing number of hotel rooms for visitors to choose from.
Lex Avenue Hotel LLC, a company linked to Houston-based DC Partners, borrowed $44 million from Southern Realty Trust and an affiliate to refinance the hotel in 2024. The company fell behind on its payments and was given four chances to pay its past-due amount but has not met its obligations, prompting Southern Realty Trust to seek to foreclose on the property at 115 Lexington Ave., according to a notice.
The hotel, a Hyatt-affiliated property with 162 rooms and 33 suites, is slated to be sold at next month’s Bexar County foreclosure auction. In a statement, DC Partners did not address whether it is working on repayment…