BC Lynd Hospitality announced on Monday that it bought the historic The St. Anthony Riverwalk Wyndham Hotel, located in San Antonio.
The 430-room hotel, which was built in 1909, is currently managed by Wyndham Hotels and Resorts. BC Lynd purchased the hotel for an undisclosed amount from special servicing agency Berkadia after a competitive bidding process and plans a US$24 million renovation of the property. BC Lynd will manage the property under an undisclosed flag.
“It will become the premier destination for social functions, wedding receptions,” said Brandon Raney, BC Lynd CEO.
INC Bank provided debt financing for the acquisition and renovation of the hotel.
BC Lynd Hospitality is a joint venture between BC Commercial Partners and Lynd, all based in San Antonio. Lynd has invested heavily in the distressed real estate market.
The St. Anthony is the first of a series of planned acquisitions for BC Lynd. The company also plans to develop and manage hotels for clients.