Texas Triangle
Hotels for sale in San Antonio, TX. Cap rates, comps, and brokers across San Antonio.
San Antonio is anchored by leisure (the Alamo, River Walk, SeaWorld, Six Flags Fiesta Texas) plus a strong military demand layer (Joint Base San Antonio is the largest military installation in DoD). Convention business at the Henry B. Gonzalez Convention Center adds group depth. Riverwalk hotels trade at premium versus suburban.
Active Matthews listings
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Recent Matthews closes
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MSA
San Antonio-New Braunfels MSA
Cap rate range (Q1 2026)
Stabilized PIP-current select-service: 7.75%–8.50%. Riverwalk full-service: 6.75%–7.50%. Suburban full-service: 7.50%–8.25%.
Source: CBRE H2 2025 U.S. Cap Rate Survey, HVS U.S. Market Pulse, Matthews Hotel Markets internal underwriting (Q1 2026).
ADR + RevPAR commentary
San Antonio ADR: Riverwalk full-service $180–$240, select-service citywide $110–$150. Fiesta (April) drives material event-week premium.
Source: STR (str.com) public press releases, AHLA State of the Industry, JLL Hotels Research (Q1 2026).
San Antonio demand drivers
- Alamo + River Walk leisure
- Joint Base San Antonio (military)
- SeaWorld, Six Flags, Schlitterbahn
- Henry B. Gonzalez Convention Center
- South Texas Medical Center
- Fiesta San Antonio (April)
Recent San Antonio closes by Matthews
San Antonio hotel investment FAQ
- What is the current cap rate range for hotels in San Antonio, TX?
- Stabilized PIP-current select-service: 7.75%–8.50%. Riverwalk full-service: 6.75%–7.50%. Suburban full-service: 7.50%–8.25%. (Q1 2026). Ranges reflect stabilized, PIP-current assets across select-service, full-service, and where applicable resort/lifestyle. Cycle-trough resets, distressed assignments, and PIP-overhang trades clear at materially wider levels. Source: CBRE H2 2025 U.S. Cap Rate Survey, HVS U.S. Market Pulse, Matthews Hotel Markets internal underwriting.
- What are ADR and RevPAR doing in San Antonio right now?
- San Antonio ADR: Riverwalk full-service $180–$240, select-service citywide $110–$150. Fiesta (April) drives material event-week premium. STR press releases (str.com) and the AHLA State of the Industry are the public benchmarks we cite for ADR/occ/RevPAR. We supplement with internal underwriting on every active mandate.
- Who are the named demand drivers behind San Antonio hotel performance?
- Alamo + River Walk leisure; Joint Base San Antonio (military); SeaWorld, Six Flags, Schlitterbahn; Henry B. Gonzalez Convention Center; South Texas Medical Center. Underwriting in this market keys on the diversification of those drivers — concentration in any single demand source is the most common reason a buyer haircuts our pro-forma RevPAR.
- Who at Matthews Hotel Markets covers San Antonio?
- Our San Antonio mandates are led by Luke Thompson and Nate Solomon. Direct contact info is on each broker's profile. For confidential disposition or acquisition conversations, the team responds within 24 hours.
- How long does a typical San Antonio hotel disposition take?
- Matthews's published 24-week playbook applies in San Antonio — engagement letter and BOV in weeks 1–4, OM and marketing launch in weeks 5–8, call-for-offers and finalist round in weeks 9–14, definitive agreement and closing in weeks 15–24. Construction-loan workouts and recap structures sometimes compress; PIP-cycle disputes can extend.