Dallas-based Nexgen also plans to build a 300-room, $100 million hotel nearby.
People walk along the newest section of San Pedro Creek Culture Park, which stretches from Houston Street to César E. Chávez Boulevard in downtown San Antonio.Blackstone, one of the world’s largest private equity firms, has sold two hotels along the future path of San Pedro Creek Culture Park, a makeover of the waterway snaking through west downtown.
Nexgen Management acquired the 95-room Residence Inn and adjacent 110-room Fairfield Inn & Suites on the 600 block of South Santa Rosa Avenue for about $32 million, according to the company. Dallas-based Nexgen said it plans to renovate both hotels and boost revenue starting next year. The firm also plans to build a 300-room, $100 million hotel nearby.
“We are extremely excited to revamp these properties to their utmost potential,” CEO Paul Uppal said. Nexgen’s $100 million portfolio includes hotels in North and South Texas and apartment, as well as condominium developments in California.
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