Conversion of Riverview Towers into swanky hotel nearly complete – San Antonio Express-News

A North Carolina firm is putting the finishing touches on a pair of downtown hotels with a rooftop bar and lounge, with the first set to open early next month.

Raleigh-based Winston Hotels LLC announced plans for its conversion of the Riverview Towers office building at 111 Soledad St. in 2019, before the coronavirus pandemic upended the city’s hospitality industry.

With the industry continuing its rebound, the firm this week said it expects to open the 181-room AC by Marriott on Oct. 6. It will occupy the 13th through 20th floors of the nearly 300,000-square-foot building near Main Plaza and San Fernando Cathedral.

“Perfectly poised in downtown San Antonio, AC by Marriott will present business and leisure travelers with a new and enticing place of stay,” Michael Dunbar, general manager of both hotels, said in a statement.

The Element by Westin hotel on the lower floors and a bar and lounge on the 14th floor are scheduled to open later this year.

On ExpressNews.com: Panel approves designs for Hemisfair hotel, part of long-awaited mixed-use development downtown

Plans approved by the city’s Historic and Design Review Commission in 2019 indicated the Westin would include 161 rooms, making the project’s total 342.

The hotels will share business and fitness centers and 4,000 square feet of meeting and event space. The AC by Marriott will have its own lobby breakfast area, bar and lounge.

Winston Hotels LLC unveiled plans to turn the Riverview Towers into AC by Marriott and Element by Westin hotels in 2019.

Winston Hotels LLC unveiled plans to turn the Riverview Towers into AC by Marriott and Element by Westin hotels in 2019.

The price tag of the project topped $100 million.

Winston Hotels, which develops and renovates hotels, bought Riverview Towers in late 2019. The building was constructed in 1983 and valued at $30 million, according to the Bexar Appraisal District.

It is located within an opportunity zone and a Winston Hotels executive said in late 2019 the firm would benefit from that program.

Twenty-four local census tracts are designated as opportunity zones, which were established by then-President Donald Trump’s 2017 tax bill. Investors who put capital in long-term investments within the zones received tax breaks on capital gains.

On ExpressNews.com: San Antonio hotels’ 2Q revenue surpassed 2019 figure, even as occupancy lags pre-pandemic level

San Antonio’s hospitality industry has continued to recover from the pandemic downturn — with hotels surpassing pre-pandemic revenue levels despite occupancy rates that remain slightly lower than in pre-pandemic 2019.

Revenue at local hotels totaled $431.6 million in the second quarter, up 15.3 percent from the same period in 2019, according to a report from consulting firm Source Strategies. Revenue per available room per day, a key measure of hotel performance, was $84.10 during the three months ended June 30, compared with $78.87 in 2019. The average daily room rate reached $131.20, up from $118.43.

Occupancy was still below pre-pandemic levels. The average occupancy rate for the second quarter was 64.1 percent, still less than the 66.6 percent reported in 2019.


madison.iszler@express-news.net

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