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SOURCE Laurus Corporation
-- Acquisition marks Laurus' second hotel acquisition in the San Antonio market --
SAN ANTONIO, June 30, 2014 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, has acquired the Marriott San Antonio Northwest Hotel in San Antonio, Texas. San Antonio, the seventh largest city in the country and the second in Texas, has proven to be virtually recession proof due to its stable and diverse economy, driven by strong military investment and rapidly growing manufacturing, medical providers and energy industries, as well as a booming tourism industry with more than 26 million visitors annually.
The Marriott is strategically located in the Northwest business corridor, just north of the interchange of I-10 and I-410, in a corporate hub featuring over 22.4 million square feet of office space which is home to the national headquarters of USAA, the San Antonio Medical Center, and the major corporate offices of Accenture, Allstate, Microsoft, Harland Clarke, IBM and KCI Kinetic. The hotel is in an area that provides stable corporate demand, coupled with San Antonio's famed leisure attractions which also serve as strong demand generators.
The hotel, the only full service Marriott-branded hotel outside the San Antonio CBD features 296 guestrooms, two food and beverage outlets, and approximately 8,500 square feet of meeting and banquet facilities, including a 6,084-square-foot ballroom, in addition to various amenities such as an outdoor pool, gift shop, guest laundry, business and fitness centers.
Laurus Corporation will be investing approximately $16 million to implement a top-to-bottom renovation program upgrading the entire property to the new Marriott standards featuring a contemporary, yet warm design.
"As opportunistic investors, we aggressively seek out assets located in robustly recovering markets that display strong fundamentals, such as above-average job growth and capital investment. Given San Antonio's status as the second largest city in Texas and one of the fastest growing in the nation, we saw this acquisition as a highly-attractive opportunity to implement a value-add strategy and maximize revenue by bringing back its past glory to this outstanding asset," said Phil Cyburt, Chief Executive Officer of Laurus Corporation.
"Our investors will benefit from the tremendous upside of repositioning this asset, renovating the guestrooms and public spaces and refreshing the guest experience. With a 4.3% unemployment rate, San Antonio has rapidly growing corporate demand in the Northwest business corridor and we will be delivering a great product to recapture lost market share," added Austin Khan, Chief Investment Officer for Laurus Corporation.
"Strong performance from our first hotel acquisition in the San Antonio market added great insight to the performance potential of this investment, creating an opportunity for Laurus' Ethika fund to allocate additional capital in a proven market and strategy," said Douglas Kiel, Chief Financial Officer of Laurus Corporation.
The Marriott San Antonio Northwest Hotel is located at 3233 Northwest Loop 410, San Antonio, Texas.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate private equity firm.
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