Hodges Ward Elliott (“HWE”) is pleased to offer the opportunity to acquire the Emily Morgan Hotel (“Property” or “Hotel”), an iconic 177-room hotel overlooking the Alamo in the heart of downtown San Antonio. The Hotel sits steps from the famous San Antonio River Walk and the recently expanded Henry B. Gonzalez Convention Center, and is just 15 minutes from San Antonio International Airport, which has begun construction on a new $1.68-billion terminal. Now the seventh-largest city in the U.S., San Antonio has ranked among the nation’s leaders in population growth in recent years, a trend that continues to support the local hospitality market.
Located within a five-mile radius of 48.7 million square feet of office and industrial space, the Property also draws on a deep base of corporate demand beyond its leisure core. Looking ahead, the Emily Morgan is well-positioned to benefit from Project Marvel, a planned $4-billion sports and entertainment district anchored by a new Spurs arena at Hemisfair, and the $550-million redevelopment of Alamo Plaza. The fee-simple offering presents a unique opportunity to own an institutional-quality, historic hotel, situated at an irreplaceable location in one of the Sun Belt’s most rapidly expanding metropolitan areas.
The 177-room Emily Morgan overlooks the Alamo, giving the Property an address no competitor can replicate. The Alamo Plaza is currently undergoing a $550-million redevelopment which is estimated to have an economic impact of $11.3 billion over its first five years of operation. Additionally, guests are steps from the River Walk, which ranks alongside the Alamo as one of the two most popular attractions in Texas. Other nearby attractions include The Shops at Rivercenter, La Villita, Hemisfair, and the Tower of the Americas, contributing to San Antonio’s annual visitation of roughly 40 million people. The Hotel has a premier location in the center of these demand drivers and is roughly 15 minutes by car from San Antonio International Airport, providing easy access for fly-in leisure, group, and corporate travelers.
Beyond leisure travel, the Property is within walking distance of the 1.6-million-square-foot Henry B. Gonzalez Convention Center, which hosts more than 300 events each year and recently underwent a $325-million renovation. Furthermore, the Hotel is within one mile of approximately 11.2 million square feet of office space and 4.4 million square feet of retail, including the headquarters of major employers H-E-B and Frost Bank. UTSA’s Downtown Campus and nearby healthcare providers add further depth to Downtown’s economic base. With more than $4.5 billion in planned investment underway nearby through the Alamo Plaza redevelopment and Project Marvel, the Emily Morgan is well-positioned to capture downtown’s next wave of growth.
| # | Demand Driver | Distance |
|---|
Project Marvel is a masterplan to create a $4-billion downtown sports and entertainment district in the heart of Downtown San Antonio. Approved by voters in 2025, it represents a significant opportunity to expand the city’s convention, sports, and entertainment industries. The project centers on a new $1.3-billion San Antonio Spurs arena, a proposed expansion of the Henry B. González Convention Center, planned Alamodome upgrades, and additional mixed-use development at Hemisfair. The broader initiative could generate an estimated $18.7 billion in economic output over 30 years, support over 3,300 full and part-time jobs annually, and attract nearly 2.5 million annual visitors. Located within walking distance of the district, the Emily Morgan is uniquely situated to benefit from increased visitation associated with future conventions, sporting events, concerts, and surrounding development.
The 1.6-million-square-foot Henry B. Gonzalez Convention Center, located within walking distance of the Hotel, anchors San Antonio’s meetings and events industry. Following a $325-million expansion completed in 2016, the facility offers 514,000 square feet of contiguous exhibit space, 70 meeting rooms, and the 54,000-square-foot Stars at Night Ballroom, the largest in Texas. Demand for the space remains strong. In fiscal year 2025, convention center bookings generated an estimated $703 million in economic impact.
Looking ahead, the City of San Antonio has named the convention center one of its top priorities within Project Marvel. Plans call for an expansion of nearly 200,000 square feet on the facility’s western end next to Civic Park at Hemisfair, with early city estimates placing the cost between $700 million and $900 million. Visit San Antonio estimates the city turned away at least $700 million in convention business over a six-year period because the existing facility couldn’t accommodate larger groups, showcasing the need for an expansion of the space. A larger center will let San Antonio compete for bigger citywide events, and the Property is exceptionally well-positioned to capitalize on the increased demand.
San Antonio, the second-largest city in Texas and the nation’s seventh-most populous, boasts a population of approximately 1.5 million residents and added more new residents than any other U.S. city in 2023. The city has continued its rapid growth, seeing the fourth-highest population increase throughout the U.S. in 2024. This trend is expected to keep pace in the future as San Antonio is the center of economic activity and commerce in South Central Texas. Numerous major corporate headquarters call the area home, including Fortune 500 companies Valero Energy (#40) and USAA (#93), along with iHeartMedia, Cullen/Frost Bankers, and Rackspace Technology. The city is also home to H-E-B, one of the nation’s largest private companies, as well as several major U.S. military bases.
Dating back to 1924, the Emily Morgan is one of the most recognizable buildings in downtown San Antonio. Architect Ralph Cameron designed the 13-story Gothic Revival tower as the Medical Arts Building, complete with terra cotta gargoyles that each portray a different medical ailment. After five decades as home to the city’s doctors, the building was converted to office space in 1976 and listed on the National Register of Historic Places the following year. Hoteliers reopened it as the Emily Morgan Hotel in 1984, and in 2015 it was inducted into Historic Hotels of America. Today, a century of history gives the Property a character no new-build competitor can replicate.
The Property is offered fee simple and free and clear of existing management and financing, affording new ownership maximum optionality in the future operation and capitalization of the Hotel.
To receive the full Offering Memorandum and access data room materials, please execute the Confidentiality Agreement below.