Hospitality ventures have experienced a range of outcomes since the Covid pandemic, with some hotels unable to survive. An Embassy Suites hotel located on the Northwest Side of San Antonio is set to be auctioned off next month due to foreclosure. The property, situated just north of the Loop 410 and I-10 interchange, was purchased in July 2015 by California-based Hotel Capital LLC who took out a $43.5 million mortgage from NXT Capital – a middle-market lender based in Chicago – which was later transferred to asset manager Sound Point Capital’s Global Investment Fund I in 2018 with an assessed value at around $22.7 million at that time.
Hotel Capital had originally been granted an extension on their loan maturity date until May 31st 2022 but were unable to meet this deadline either leading up them being taken into foreclosure proceedings and scheduled for auction June 6th 2021 at Bexar County Courthouse .
