Denver Real Estate Investment Group Raises $158M for Major Hotel Redevelopment

hotel redevelopment
Exterior rendering of InterContinental San Antonio.
Denver-based Trailbreak Partners and partner Scarlett Hotel Group recently played a pivotal role in securing nearly $160 million to completely transform a very high-profile San Antonio located at 111 East Pecan Street on the San Antonio River Walk. The property will reopen in 2024 as the InterContinental San Antonio, an IHG Hotels & Resorts property. Construction on the 391-room luxury hotel will begin immediately and is expected to be complete by late 2024.

“It’s an honor to work with our partners at Trailbreak and IHG Hotels & Resorts (IHG) to bring a luxury hotel brand like InterContinental Hotels & Resorts to the city of San Antonio,” said Rob Sadoff, principal and co-founder of SHG. “We can’t wait for the public and convention planners to experience the incredible space and amenities that this property will add to the community.”

“After completing the herculean task of securing capital in a very challenging market we are looking forward to a complete transformation of the property into one of the finest hotels in San Antonio,” said Ethan Argov, vice president of Trailbreak Partners. “InterContinental San Antonio will serve thousands of visitors as well as the city’s robust business and convention industry.”

Trailbreak Partners, a real estate investment and development firm, worked with SHG, a hotel investment and management firm, to secure the $158 million financing which included common equity, preferred equity, historic tax credit equity, a historic tax credit bridge loan, a CPACE loan, a mezzanine construction loan and senior construction loan.

“It was a lot of work to make this project happen and beginning construction is a major triumph for our team and the City of San Antonio,” said Doug Elenowitz, co-founder and principal of Trailbreak Partners.

$158 Million Renovation

The structure for InterContinental San Antonio originally opened as an office building in 1958. Sitting adjacent to the Weston Centre in the heart of San Antonio, the 21-story building features a rooftop pool with downtown views as well as direct access to the River Walk and river taxi landing area.

Following a complete transformation, InterContinental San Antonio will include 40,000 square feet of meeting and event space, world-class restaurant and bar experiences, and luxury rooftop amenities. The hotel represents the first property for the InterContinental brand in San Antonio, catering to the city’s strong convention and business travel market, as well as expanding the city’s presence in the high-end leisure market. IHG has the second-largest luxury and lifestyle portfolio in the hospitality industry, with more than 450 hotels open globally across six distinct brands, including InterContinental Hotels & Resorts.

Guests will discover touches of subtle luxury and a refined ambiance throughout their experience. Bespoke paintings, sculptures, and furniture will enhance the lobby and guest rooms. A new rooftop design will maximize the expansive and distinctive outdoor space, creating a feeling of openness. In addition to the outdoor pool, multiple levels of dining and gathering spaces will allow guests to meet, eat and relax.

Trailbreak Partners has completed and is currently working on over $1 billion worth of real estate development and investments.  Their investment and syndication platform accesses a wide array of capital that include ultra-high-net-worth individuals, to family office, and institutional investors.


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