7
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $79 million in financing for the renovation of the historic El Tropicano Hotel in San Antonio. Originally built in 1962, the El Tropicano is located in the city’s River Walk area. Following the renovation, the property will feature 315 guestrooms, an 8,065-square-foot pool deck and more than 16,000 square feet of event space and food-and-beverage outlets. Jordan Ray, James Matheny, Steven Buchwald and Rachael Krawiecki of IPA arranged the financing through Fortress Investment Group on behalf of the owner, Trestle Studio.