The San Antonio developer provided a mezzanine loan to an investment firm to acquire the landmark hotel in 2018. Its redevelopment so far has failed.
to be sold at next month’s Bexar County foreclosure auction to recoup a loan it made to finance the troubled redevelopment.
Little didn’t offer any other details and Weston Urban co-founder Randy Smith did not immediately respond to an inquiry.Legal battle involving El Tropicano Riverwalk Hotel will be waged outside of court Its move comes as El Tropicano, at 110 Lexington Ave., is embroiled in a legal dispute brought by an investor in the investment fund that owns the hotel property and other real estate.Emilio Nicolas 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 hotel closed in early 2020 at the onset of the pandemic.
The agreement does not prevent the defendants from selling the property as long as the buyer is not related to the seller. They can also finance or refinance El Tropicano, solicit capital contributions from sources other than Alamo Growth Fund 1 and draw on loans for a project on Spurs Lane on the Northwest Side and for the sale of land at a corporate campus in McKinney.
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