Chicago firm will spend $50 million turning Wyndham San Antonio Riverwalk into a luxury hotel

Another aging downtown hotel is about get a facelift.

Chicago-based investors purchased the Wyndham San Antonio Riverwalk and plan to pump $50 million into transforming the 20-story property into a luxury InterContinental Hotel, the Express-News reports.

The Wyndham ceased operation May 31, clearing the way for a top-to-bottom interior renovation of the 410-room hotel, according to the daily.

Rob Sadoff, the Chicago-based principal of the Scarlett Hotel Group, told the Express-News the project is a joint venture with Trailbreak Partners, a Denver-based private equity firm. The hotel, located on East Pecan Street, is the first San Antonio property for both firms.

Construction of the InterContinental is scheduled to begin in October, and the new hotel will open in early 2023. The renovated property will have 390 rooms and a rooftop restaurant and bar.

The swanky new space will join new downtown luxury properties the Thompson San Antonio Hotel, which opened in February, and the Canopy By Hilton San Antonio Riverwalk, which opened in April.

New owners also picked up the Hotel Contessa on the River Walk in November. They plan to transform that 12-story property into a 265-room upscale hotel.

Stay on top of San Antonio news and views. Sign up for our Weekly Headlines Newsletter.