|By PR Newswire||
|December 21, 2012 08:21 PM EST||
SAN ANTONIO, Dec. 21, 2012 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, announced that it has completed the acquisition of the Hilton San Antonio Airport Hotel in San Antonio, TX. The 14-story hotel sits on 3.7 acres with a total of 384 guestrooms and 16,000 square feet of meeting space. The hotel is surrounded by high-end residences, more than 10.5 million square feet of office space, and North Star Mall – a premier shopping mall covering 1.2 million square feet and housing more than 200 stores, major department stores and restaurants, and is one of the most visited tourist attractions in the U.S. San Antonio is a popular destination for more than 28.1 million domestic and international visitors annually coming for both leisure and business. The hotel is located just eight miles from downtown San Antonio where the vibrant River Walk district and historical Alamo also serve as popular tourist destinations and provides easy access to the San Antonio International Airport which is less than two miles away.
"The Hilton hotel acquisition aligns with our opportunistic investment strategy of acquiring real estate at a good basis located in growth markets with dynamic job centers in regions that have historically responded to the economic recovery well above the national average," said Philip Cyburt, Chief Executive Officer of Laurus Corporation. "This is our second acquisition for Laurus' opportunistic Ethika Fund, partnering with institutional capital from Lowe and NXT to complete the transaction."
"The hotel's amenities, including the large flexible event space, are ideal for its dominant position in this submarket," said Austin Khan, Chief Investment Officer of Laurus Corporation. "The hotel captures a large share of demand, but we believe that revenue can be further increased through our expansive renovation program."
The Hilton San Antonio hotel is located at 611 Northwest Loop 410. Built in 1984, the hotel underwent renovations in 2007 and includes a full array of amenities, notable sports bar, and restaurant. Laurus Corporation is investing an approximate $9 million to implement an in-depth renovation program upgrading the entire property and improving rooms and common areas from top to bottom, creating a refuge where guests can embrace the hotel's warm Texas-style décor and relaxing, spacious environment.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
SOURCE Laurus Corporation