NEW YORK--(BUSINESS WIRE)--
Safety, Income & Growth Inc. (NYSE: SAFE), the leading company focused
on ground leases, announced it has acquired an existing ground lease on
a recently-renovated 213-key Class A hotel along the Riverwalk in San
Antonio, TX. Coinciding with the acquisition, SAFE will begin marketing
its SAFE Ground Lease™ solution to the San Antonio metro area,
offering real estate owners and operators more efficient capital that
reduces risk, requires less upfront equity, and generates higher
cash-on-cash returns.
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Hotel Valencia, San Antonio, TX (Photo: Business Wire)
This marks SAFE’s third ground lease in Texas and the first investment
in San Antonio. The ground leasefeatures fixed annual base rent
escalations with a percentage rent component and a remaining lease term
of approximately 83 years.
“We are excited to continue our growth in Texas and are equally excited
to offer the San Antonio market efficient, value-enhancing capital
through a SAFE Ground Lease™,” said Tim Doherty, Head of Ground
Lease Investments.
The 12-story hotel sits along the Riverwalk with access to a network of
connecting shops, restaurants, and notable tourist destinations
including the Alamo, the Arneson River Theatre, and the Henry B.
Gonzalez Convention Center. The property features premium amenities
including a rooftop pool deck & lounge, 7,000 square feet of meeting
space, and a fitness room. The hotel includes 8,000 square feet. of
retail space including a coffee shop and a restaurant.
Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded
company focused on ground leases. The Company seeks to provide real
estate owners with better, lower cost capital through its modern ground
lease structure, while delivering safe, growing income and long-term
capital appreciation to its shareholders. The Company targets major
markets throughout the United States, helping owners of high quality
multifamily, office, industrial, hospitality and mixed use properties
ranging from $25 million to $1 billion generate higher returns with less
risk. The Company, which is taxed as a real estate investment trust
(REIT), is managed by its largest shareholder, iStar Inc. Additional
information on SAFE is available on its website at www.safetyincomegrowth.com.
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Client:
Tim Doherty
Executive Vice President
Head
of Ground Lease Investments
T: 212-930-9433
E: tdoherty@istar.com
Arie
Toporovsky
Senior Vice President
Texas Region
T:
212-930-9454
E: atoporovsky@istar.com
Investor
Relations:
Jason Fooks
Vice President
Investor
Relations & Marketing
T: 212-930-9400
E: investors@safetyincomegrowth.com
Source: Safety, Income & Growth Inc.