Lenders set $41M sale of Thompson hotel 79 days after foreclosure

The lenders who foreclosed on the Thompson San Antonio Riverwalk hotel agreed to sell it for $41.0M on May 21, 2026, 79 days after taking it back, according to Sunrise Realty Trust’s SEC filing. The Real Deal reported on Oct. 14, 2026, that The Loren Group is the buyer.

Why it matters

For downtown hotel owners and lenders, the filing puts a price on a River Walk take-back. The lenders bid in about $40.6M of debt and contracted to sell for $41.0M, roughly their principal back before costs.

Sunrise Realty Trust and an affiliated lender made the hotel a $44M loan in December 2024, according to the San Antonio Report. A joint venture of the lenders took the hotel at a Bexar County courthouse auction on Mar. 3, 2026. Texas foreclosures are non-judicial, so the sale ran under a trustee’s notice, not a lawsuit.

Sunrise’s first-quarter 10-Q says the credit bid equaled unpaid principal of about $40.6M. Sunrise holds 65% of the venture. A credit bid means the lenders paid with their debt, not cash.

The numbers

Sunrise’s second-quarter filing carries its share of the hotel at a fair value of about $24.6M, against about $26.4M of principal at foreclosure. It expects about $26.7M from its 65% interest if the sale closes.

A July 30 amendment gave the buyer an exclusive option to close by Sept. 30, 2026. The filing says the $4.0M deposit was released and the buyer paid $2.0M more. The Real Deal reports seller financing in the deal; no record we saw shows those terms, so we omit them.

What’s next

Sunrise’s filing warns the sale may not close on current terms, or at all. Watch the Bexar County Clerk for a deed from the lender venture to the buyer. It would confirm the transfer and date, though Texas deeds show no price.

Sunrise’s third-quarter 10-Q, due in November, should say whether the option was exercised. More downtown coverage is on the San Antonio hub.