September 14, 2018
The Marriott San Antonio Northwest Hotel sold at a foreclosure auction for $18 million. Lender Latitude Real Estate Investors, the company that foreclosed on the 296-room hotel, ended up with sole ownership of the property, as no other party submitted bids.
Laurus Corp., which acquired the hotel at 3233 Northwest Loop 410 in 2014, defaulted on a $21.3 million mortgage loan that had been issued by Beverly Hills-headquartered Latitude. Additionally, three contractors filed lawsuits against Laurus, alleging they weren’t paid for the nearly $500,000 worth of work accomplished as part of a $16 million renovation.
The hotel, which opened in the mid-1980s, will continue operating under the Marriott flag.
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