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 financial challenges and follows recent moves by another Bennett-led real estate investment trust (REIT) to address its own fiscal issues.
A federal judge approved Ashford’s $32 million cash acquisition of the former CPS headquarters, according to the San Antonio Business Journal. The property, located at 145 Navarro Street, was previously owned by Houston-based Blueprint Hospitality, which bought it from CPS Energy in 2022 with plans to convert it into a 243-room Marriott Autograph Collection hotel called El Portal. However, Blueprint filed for Chapter 11 bankruptcy protection earlier this year after accumulating significant liens and defaulting on a loan.
Contractors and suppliers have filed approximately $8 million in liens against 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 building from Blueprint due to these financial difficulties. Under the new agreement, Blueprint principals will keep an indirect ownership stake and all claims related to the property are settled. Bankruptcy Judge Christopher Lopez stated in a September 3 filing that “all parties involved reached agreement in good faith.”
Ashford is proceeding with this acquisition while managing its own debt issues. A $590 million loan secured by 18 hotels owned by Ashford was recently transferred to special servicing after Ashford defaulted on its balloon payment and did not refinance.
Meanwhile, Braemar Hotels & Resorts—another REIT founded and chaired by Bennett—announced at the end of August that it is seeking a buyer as part of efforts to preserve shareholder value. Braemar’s stock price has fallen sharply since 2013 and it now holds more than $1.1 billion in debt along with $473 million in stock value, according to reporting from Dallas Morning News (https://www.dallasnews.com/business/real-estate/2025/08/29/braemar-hotels-resorts-seeks-buyer-as-stock-plummets-debt-piles-up/).
These developments follow last year’s proxy battle aimed at removing Bennett from leadership positions at both Ashford and Braemar.
