BC LYND Hospitality Purchases St. Anthony Hotel in San Antonio
SAN ANTONIO, Texas—BC LYND Hospitality has made its first major acquisition since it was founded earlier this year. The company, a joint venture between LYND and BC Commercial Partners, LLC, has purchased the historic St. Anthony Hotel located in downtown San Antonio, Texas. READER COMMENTS
BC LYND CEO Brandon Raney said the joint venture is planning a $24 million renovation to restore the 103-year-old hotel and maintain the architecture of the building, which is listed as a National Historic Landmark.
IBC Bank provided debt financing for the acquisition and renovation of the hotel. BC LYND purchased the hotel for an undisclosed amount from the special servicing agency Berkadia after a competitive bidding process.
“We work tirelessly to gain an unparalleled understanding of our potential investments, and I believe we were selected as the buyer of this asset because of our comprehensive due diligence process and superior knowledge of the property,” said Raney, in an announcement. “We also have the unique ability to close real estate transactions in an efficient manner, with minimal issues arising.”
BC LYND’s joint venture partner, LYND, of San Antonio, Texas, has invested heavily in the distressed real estate market. This acquisition marks the first significant investment in San Antonio that the firm will focus on.
"Lynd is excited to be working on such a high profile project in our hometown,” said A. David LYND, LYND COO. “We believe in the continued revitalization of downtown and Mayor Julián Castro’s ‘Decade of Downtown’ initiative. The St. Anthony Hotel is a distinctive property offering many opportunities for us to do something special, and transform this property into something never before experienced in downtown San Antonio.”
The St. Anthony Hotel is the first of a series of planned acquisitions for BC LYND. The company is using internal funding sources to turn around properties that suffer from deferred maintenance as well as properties requiring modernization and improved management practices. BC LYND will also manage investment properties for investors seeking professional management with unparalleled capabilities for modernizing facilities and operations. The firm will also develop and manage hotels for clients.
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Monday, April 01, 2013 by Anna Bearden
Good for you, B C Lynd! I have stayed at the St. Anthony and will truly enjoy a return visit for the restored hotel. Keep up the good work.
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