El Tropicano has been acquired by a trio of real estate and investment firms that plan to transform the San Antonio River Walk’s oldest hotel into an “upscale lifestyle destination.”
Colorado-based Sopris Capital and Austin-based The Town Lake Company are joining Trestle Studio, which was named in documents submitted to the Office of Historic Preservation last month, in shepherding in El Tropicano’s next chapter. The firms closed on the deal for the hotel on Dec. 15.
The group envisions transforming the hotel with various amenities that include the largest pool deck in San Antonio, multiple food and beverage options and meeting and event spaces.
El Tropicano, which opened in 1962, began undergoing renovations after Alamo Equity and Phoenix Hospitality Group acquired the property in 2018, with work expected to wrap up in 2022. But the hotel closed abruptly in 2020 amid the pandemic.
The restoration is intended to turn the hotel at 110 Lexington Ave. into “the social cornerstone in the burgeoning north Riverwalk district,” the firms said in a statement.
Trestle specializes in boutique hotels, and its projects have included the Freehand NY, NoMad London and the LINE Austin.
Sopris Capital, which includes a real estate investment firm, as well as a venture capital and private equity firm, has properties ranging from hotels to industrial and residential properties across the United States and the United Kingdom.
The Town Lake Company, which was founded by Rob Gandy, also has a diverse portfolio of properties in which it engages in acquisition, development, management and enhancement.
San Antonio Report Reporter Shari Biediger contributed to this report.
