September 17, 2018
It’s official — Blackstone, operating under the partnership name BREIT JWM San Antonio LP, closed on the 1,002-room JW Marriott San Antonio Hill Country Resort & Spa in the Texas Hill Country. The deal confirms reports circulated in July that the private equity investor was in talks to acquire the property from Miller Global Properties.
The purchase price was not disclosed, but records show that BREIT JWM borrowed $405 million from Citibank to finance the transaction. The resort cost more than $600 million to build, and the Bexar Appraisal District assessed it at $275.4 million.
The resort is 17 miles north of downtown San Antonio at 23808 Resort Dr. The property includes a spa, golf courses, a nine-acre water park, high-end restaurants and nearly 270,000 square feet of convention space.
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