An affiliate of San Antonio developer Weston Urban had wanted the property sold at auction because a loan it made was apparently in default.
, is a major downtown San Antonio landowner. The firm built the Frost Tower, renovated multiple buildings along Houston Street for office and retail space and is constructing a residential high-rise with about 350 apartments on North Main Avenue.At the time of the hotel acquisition in late 2018,Legal battle involving El Tropicano Riverwalk Hotel will be waged outside of court
The foreclosure posting came as the El Tropicano was engaged in a legal dispute brought by an investor in the investment fund that owns the hotel property and other real estate. Emilio Nicholas Jr., a former San Antonio broadcasting executive who lives in Austin, accused Alamo Equity and CEO Logan Anjaneyulu in a May 17 lawsuit of diverting investment fund assets and borrowing against them to “prop up” the hotel.
The parties agreed to arbitrate the dispute. As part of that agreement, the defendants agreed not to “liquidate, convey, encumber or pledge any assets” that the investment fund is invested in, except as permitted. They also pledged not to advance any further monies to or on behalf of the hotel. The agreement does not prevent the defendants from selling the property as long as the buyer is not related to the seller.
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