Screengrab / Google Maps
Scarlett Hotel Group and IHG Hotels and Resorts bought the building at 111 E. Pecan Street for an undisclosed price in 2021.
Work on the new InterContinental Hotel San Antonio first began in 2021 after Scarlett Hotel Group IHG Hotels and Resorts bought the former Wyndham San Antonio Riverwalk at 111 E. Pecan Street for an undisclosed price. The property, slated to feature 391 rooms and 40,000 square feet of meeting space, was initially set to open early this year.
That date has since been changed to late 2024, according to the daily.
The building's owners expected to spend around $50 million on renovations, the Express-News reports. However, that cost has exploded to $158 million, and the owners tell the daily that inflation and labor shortages are to blame.
The delay is another blow to San Antonio’s downtown, which has only recovered about 63% of its pre-pandemic foot traffic, according to a recent study analyzing cell phone data.
Even so, the Alamo City's tourism industry appears to be recovering much faster. In 2021, the tourism and hospitality industry had a $16.2 billion impact on the local economy — a 93% recovery from the 2019 figure.
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