San Antonio Hotel Market 2026: Occupancy, ADR, RevPAR and Recent Sales
San Antonio’s hotel market in 2026: plenty of rooms, flat citywide RevPAR, a soft Riverwalk core, a booming Hill Country resort corridor, and a voter-funded arena-and-convention cycle that will reshape downtown for the rest of the decade.
Last updated: October 29, 2026 · Visit San Antonio Q3 FY26 lodging tables, TexasHotelSearch (TTM through May 2026), Lodging Econometrics and Hotelier Times deal records.
Visit San Antonio Executive Summary Q3 FY26 (published Aug. 13, 2026): hotel YTD occupancy +1.3%, ADR −1.3%, RevPAR flat. Registry rooms and TTM revenue from TexasHotelSearch.
TexasHotelSearch / Texas Comptroller filings, Bexar County.
2026 performance at a glance
Visit San Antonio’s STR tables put hotels at 60.5% occupancy, $135 ADR and $82 RevPAR year to date through June — occupancy up 1.3%, ADR down 1.3%, RevPAR flat. June alone ran 66% occupancy, $136 ADR and $90 RevPAR. Aggregate lodging (hotels plus short-term rentals) was 60.8% / $139 / $84 through June.
TexasHotelSearch shows three flat years of hotel room revenue around $1.3 billion; TTM through May 2026 is about $1.29B (−2.0% adjusted). Market RevPAR on registry rooms is about $79. Short-term rentals are the fast mover: $130.4M TTM, a 9.2% share, with 2025 STR revenue up 24% over 2024 — the fastest growth among big Texas metros.
Riverwalk soft, resorts hot
Hill Country resorts are carrying the market: La Cantera (+23.7% TTM to $39.6M), Hyatt Regency Hill Country (+7.3% to $39.3M), Hotel Emma (+9.3% to $23.4M). The JW Marriott Hill Country remains the largest earner at $85.3M (−4.2%). Along the Riverwalk, Hyatt Regency (−7.1%), Westin (−6.4%), Contessa (−6.0%), Omni La Mansion del Rio (−5.7%) and St. Anthony (−7.1%) are soft; the two convention-anchored boxes — Marriott Rivercenter (+2.3%) and Grand Hyatt (+2.2%) — were the downtown exceptions.
Visit San Antonio says the central business district is up 5% in occupancy, down 3.1% in ADR and up 1.8% in RevPAR year to date. Earlier Source Strategies figures put downtown occupancy at 63.5% in Q1, 15.3% below 2019 levels, as new product such as the Monarch at Hemisfair and Kimpton Santo ramped.
San Antonio hotel transactions, 2026
| Date | Hotel | Keys | Price | Per key | Buyer / seller |
|---|---|---|---|---|---|
| Oct 29, 2026 | Hilton Garden Inn San Antonio Downtown Riverwalk | 126 | Not disclosed | — | Ad Astra Capital (San Antonio Business Journal) |
| Oct 15, 2026 | Thompson San Antonio | 162 | $41.0M | $253,086 | The Loren Group from Sunrise / Southern Realty Trust ($32M seller financing); lenders had credit-bid ~$40.6M in March |
| Aug 25, 2026 | AC Hotel & Element San Antonio Riverwalk | 343 | Not disclosed | — | Highline Hospitality Partners |
| Aug 17, 2026 | DoubleTree by Hilton San Antonio Airport | 384 | Not disclosed | — | LXMI Capital |
| Jun 12, 2026 | TownePlace Suites Downtown Riverwalk | 117 | Not disclosed | — | Brownsville-based operator |
| Mar 25, 2026 | Aloft San Antonio Airport | 141 | Not disclosed | — | Armanda Investments from Corebridge; Hunter Advisors |
What’s driving San Antonio
- Project Marvel is funded. November 2025 Propositions A and B back a downtown Spurs arena ($1.2–1.5B), a Henry B. Gonzalez Convention Center expansion and related venues — years of construction before the demand payoff. As of an Oct. 28, 2026 council briefing, the city is weighing an $850M two-phase convention center expansion plus $125M for the Alamodome; the city-backed convention hotel is no longer in the plan, design work would be solicited in spring 2027 and construction would start in late 2028 or early 2029 (KSAT).
- Resort corridor pricing power. La Cantera, Hill Country Hyatt and Hotel Emma are growing while Riverwalk flags reprice.
- Thompson cycle complete. Lender credit bid in March, sale to Loren Group at $41M in October — a clean distress-to-exit path. The new owner plans roughly $10 million more in improvements (CultureMap San Antonio).
- Military and leisure base. Joint Base San Antonio graduations and Alamo / Riverwalk drive-in demand keep a floor under occupancy even when downtown ADR slips.
- STR share rising. Fastest STR revenue growth of the big Texas metros in 2025; still only a 9.2% share.
- Boutique supply near the river. The 76-room Aztec Hotel, Tribute Portfolio, opened Oct. 9 in the historic Aztec Theatre building downtown for Dallas-based Shreem Capital (Axios San Antonio). At Pearl, Oxbow Development Group plans Perlen House, a 166-suite hotel at 1210 E. Elmira St. on the Museum Reach and the first new Pearl hotel in a decade, opening in 2027 (San Antonio Current, Oct. 27, 2026).
San Antonio hotel market FAQ
How is the San Antonio hotel market doing in 2026?
Visit San Antonio reports YTD hotel RevPAR flat at $82 through June (60.5% occupancy, $135 ADR). TexasHotelSearch puts TTM room revenue at about $1.29 billion, down roughly 2% adjusted.
What were the biggest San Antonio hotel sales of 2026?
The disclosed highlight is the Thompson San Antonio at $41.0 million ($253,086 per key) to The Loren Group in October, after a March lender credit bid.
What is Project Marvel?
The voter-funded November 2025 package for a downtown arena, convention-center expansion and related venues in San Antonio / Bexar County. A convention hotel was part of early plans but was dropped as of an Oct. 28, 2026 council briefing.
Sources
- Visit San Antonio Executive Summary Q3 FY26 (Aug. 13, 2026)
- TexasHotelSearch, San Antonio / Bexar County
- San Antonio Current, Perlen House to open at Pearl (Oct. 27, 2026)
- Axios San Antonio, Aztec Hotel opens downtown (Oct. 6, 2026)
- CultureMap San Antonio, Thompson hotel new owner plans improvements (Oct. 13, 2026)
- Connect CRE, Thompson San Antonio sale
- Capital Analytics Associates (Oct. 20, 2026)
- The Real Deal, San Antonio hotel slump (Mar. 13, 2026)
- Hotelier Times, Texas Hotel Market 2026
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