Institutional real estate manager Principal Real Estate Investors and property company Miller Global Properties have launched a joint venture to develop the JW Marriott San Antonio Hill Country Resort and Spa, which is set to open Spring of 2010.
The 1,002 room JW Marriott Resort will be located 20 minutes from downtown San Antonio. The project consists of 12 structures totalling 1,153,055 square feet. The resort facilities will also be joined by two 18-hole championship TPC golf courses designed by Greg Norman and Pete Dye, including a clubhouse facility, practice facilities and other PGA quality golf amenities. The cost of the development was not disclosed.
“This is a historic transaction for The Principal in that it is the firm’s first equity investment in a hotel and golf course development,” said Rod Vogel, managing director of acquisitions and asset management for Principal. “We believe this investment offers attractive risk adjusted returns and fills an important niche in the San Antonio luxury resort marketplace.”
According to the firm, Principal Real Estate Investors is the fourth largest institutional real estate manager in the United States based on tax-exempt assets under management. The real estate platform, which is a subgroup of Principal Global Investors, manages or subadvises $40.4 billion in commercial real estate assets. The firm’s real estate capabilities include both public and private equity and debt investment alternatives.
Miller Global Properties develops, acquires, owns and operates hotels, office buildings and mixed-use properties throughout the United States and Europe.