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One of San Antonio’s tallest hotels is getting a new owner. After opening in 2008 and facing financial shortfalls during the pandemic, the Grand Hyatt is expected to be sold to a nonprofit while Hyatt will still manage its operations after the city council approved the arrangement in a 7-0-3 vote Thursday.
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The Grand Hyatt Hotel next to San Antonio’s Henry B. Gonzalez Convention Center is going up for sale — and there’s already a potential buyer.
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The Grand Hyatt is owned and operated by Hyatt. While the hotelier makes a guaranteed return on investment, the city is loaning tax dollars to pay off debt on its construction. Why? Because a city-run nonprofit is responsible for the debt, despite not owning the property.