A 162-room River Walk hotel will go to public auction on March 3.
A foreclosure notice for The Thompson San Antonio River Walk Hotel on the corner of St. Mary’s Street and Lexington Avenue was filed Feb. 5 alleging that Lex Avenue Hotel, LLC, the building’s owner, failed to pay back a $44 million loan.
Now, the building is being auctioned to pay off that debt.
The building includes luxury condominiums on floors 12-19 and hotel rooms managed by Hyatt on the first 11 floors. It was opened in 2021 by Houston-based luxury developer DC Partners featuring a rooftop pool and bar.
In December 2024, building owner Lex Avenue Hotel put the building up as security for a $44 million loan from Sunrise Realty Trust and Southern Realty Trust, companies based in Maryland and Delaware, respectively.
The registered agent for both companies is the Corporate Creations Network, a company that provides business and registration services for various clients.
That agreement was signed by Acho Azuike, who is named as Lex Avenue Hotel, LLC’s vice president. Azuike is listed as DC Partners’ chief operating officer on the company’s website.
According to the Feb. 5 foreclosure notice, Lex Avenue Hotel was informed of its default on the loan multiple times in 2025, most recently on Dec. 16.
The building is scheduled to be auctioned off between 1 p.m. and 4 p.m. on March 3. The sale only applies to the common areas and hotel, not residential units or condos that have been purchased individually.
The deed to trust, which lays out the terms of the $44 million loan, states that sale money can go to paying back the lender, compensating attorneys and trustees involved in the foreclosure and sale, and paying off liens, taxes and other expenses for the building. Leftover funds could go to the building’s former owners.
The lender, in this case Sunrise Realty Trust and Southern Realty Trust Holdings, can bid on the building when it is auctioned. The lenders would receive a $44 million credit to their bid from the unpaid loan.
The Bexar County Appraisal District values the building and land at $85.8 million.
