Edited from San Antonio Express News Article By Richard Webner, December 24, 2015
New developments in San Antonio are fusing hotels and apartment buildings with the intention of giving residents the best of both worlds. The idea of merging the hotel and the home arrived in San Antonio in the last decade, officials said. The Alteza Residences, the luxury condos on the top 10 floors of the downtown Grand Hyatt hotel, opened in 2010. Another complex opened in 2012, the ´Eilan on the far northwest side of the city.
Combining hotels and residences helps developers save on real estate costs, but the main appeal to residents is access to hotel services such as gyms, pools and restaurants. Also, hotels often occupy prime locations near retail center and local tourist attractions.
“I think they’re going to get more and more prevalent,” San Antonio Board of Realtors Chairwoman Mary Ann Jeffers said. “You get the benefit of being in a five-star hotel, but you actually live there.”
Residents at The Alteza, for example, can choose room service, membership access to the StayFit® Gym, housekeeping and valet parking, and those at the Eilan get special rates for services and can walk to restaurants in the development. Both properties include a Ruth’s Chris Steakhouse.
The blending of hotels and residences isn’t unique to San Antonio. The trend is showing up in other cities such as Austin, where a 37-story tower is planned downtown, according to the Downtown Austin Alliance.
The $36 million Isola development is expected to begin construction in February near Westover Marketplace with work lasting until May 2017. It’s being developed by Austin-based Accord Interests, Ceruzzi Holdings LLC and Beaumont Partners.
Earlier this month, the Alteza announced that 80percent of its condos are sold. Some residents have been hesitant about sharing a building with a hotel, but changed their mind after seeing Alteza’s private elevators, lobby and parking garage, said Dustin David, the community’s Sales Manager. Residents can use the Hyatt’s services such as its gym and restaurants without taking out a credit card, he said – they just give their apartment number.”
“There’s just a lot of cool energy,” David said. “You don’t need an extra bedroom when you’re living about 1,000 available rooms if your guests come to visit and Alteza’s owners get special rates. On the other hand, you don’t have to take part in the hotel if you don’t want to, it’s your choice.”
For more information on the remaining residences available at Alteza, click here.