San Antonio City Council green-lights Grand Hyatt sale
City Council gave the go-ahead Thursday to a deal under which Hyatt Corp. would sell the Grand Hyatt downtown, city-backed bond debt would be paid off and ownership of the struggling hotel would ultimately transfer to the city.
With the new deal, the city would be repaid and would no longer be liable if the hotel does not generate enough revenue to meet debt requirements. The bonds would be repaid from Grand Hyatt revenues — which plunged during the pandemic — and bondholders will have a lien on the hotel.Hotel operator to sell troubled Grand Hyatt; San Antonio off the hook for bond payments
They characterized the deal as beneficial because the city would no longer be backing the hotel bonds, would be repaid for the debt payments and would have control of the hotel. The Grand Hyatt is a big asset that has helped the city attract major events such as the NCAA men’s Final Four tournament, they said.
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