MH Hospitality Management has acquired the Tru by Hilton Downtown Riverwalk in San Antonio, marking their second property downtown. The purchase follows the acquisition of Hampton Inn located at 414 Bowie St. in 2019.
The tourism industry of San Antonio is showing signs of recovery from Covid-19 pandemic, as reported by the San Antonio Business Journal that states an average daily rate hotels command for this city was just over $131 during first quarter 2023 – a 13.8% increase compared to same period in 2019 among four largest Texas metros cities .
To finance this acquisition MH took out a mortgage worth $9,975,000 from Broadway Bank and though no purchase price was disclosed , Bexar County Appraisal District recently assessed land value at $7.1 million .
