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downtown San Antonio office building is facing foreclosure after a high-profile hotel conversion project fell apart. The former CPS Energy headquarters at 145 Navarro Street was intended to be redeveloped into a 243-room Marriott Autograph Collection hotel by Blueprint Hospitality, but the developer now faces financial difficulties and legal battles due to alleged loan defaults.
The property was acquired two years ago with a $14.35 million loan from TransPecos Banks, which was later transferred to 5 Senses Hospitality Management after Blueprint defaulted on the loan. The Colorado-based company is suing for repayment of $16.7 million, including interest and fees, citing the deteriorating condition of the property.
Court filings describe water damage and mold spreading throughout the building, with a malfunctioning water fountain contributing to flooding. Blueprint has denied these allegations, but neither party has commented on the foreclosure proceedings. A court-appointed receiver may take control of the property if approved, potentially leading to ownership by 5 Senses Hospitality following a scheduled foreclosure sale on November 5.
