Monty Bennett’s Ashford Hospitality Trust has received court approval to take over a hotel conversion project in downtown San Antonio. The decision comes as the company faces its own financial difficulties.
A federal judge approved Dallas-based Ashford’s $32 million cash acquisition of the former CPS headquarters, according to the San Antonio Business Journal. The building, located at 145 Navarro Street, was purchased by Houston-based Blueprint Hospitality from CPS Energy in 2022 with plans to convert it into a 243-room Marriott Autograph Collection hotel named El Portal. However, Blueprint filed for Chapter 11 bankruptcy protection in February after encountering liens and defaulting on a loan.
Contractors and suppliers have placed about $8 million in liens on the property. Austin-based WM Capital Partners, which provided a $14.4 million loan for the project, requested that the court remove control of the property from Blueprint. Under the new agreement, Blueprint principals will keep an indirect ownership stake and settle outstanding claims related to the property. Bankruptcy Judge Christopher Lopez stated that “all parties involved reached agreement in good faith” in his September 3 filing.
Ashford is moving forward with this acquisition while dealing with its own financial challenges. Morningstar Credit reported that an outstanding $590 million loan backed by 18 hotels owned by Ashford was recently transferred to special servicing after Ashford defaulted on its balloon payment and did not refinance (https://www.morningstar.com/credit).
Additionally, Braemar Hotels & Resorts, another real estate investment trust founded and chaired by Bennett, announced at the end of August that it would put itself up for sale to protect shareholder value (https://www.dallasnews.com/business/real-estate/2025/08/30/braemar-hotels-resorts-monty-bennett-sale-ashford-hospitality). Braemar’s stock price has dropped significantly since 2013 and it now carries more than $1.1 billion in debt against $473 million in stock value.
This recent series of events follows a proxy battle last year aimed at removing Bennett from leadership positions at both Ashford and Braemar.
