Laurus Corporation Acquires San Antonio Marriott
Monday June 30th, 2014 - 3:26PM H
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SAN ANTONIO—Real estate investment and development firm Laurus Corporation has acquired the Marriott San Antonio Northwest Hotel here.
The company will be investing approximately $16 million to implement a renovation at the 296-room hotel. The property includes two food & beverage outlets, approximately 8,500 sq. ft. of meeting and banquet facilities, as well as a 6,084-sq.-ft. ballroom.
"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," stated Phil Cyburt, CEO of Laurus Corporation.
Tags: Laurus • acquisition • Marriott • Hospitality • Ownership •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.