SAN ANTONIO- California-based Axle CapitalGroup has acquired the 103-year-old Sheraton Gunter Hotel.The new owner, in partnership with Greenwood HospitalityGroup of Denver, will soon embark on a multimillion-dollarrenovation to "bring what I'll call a component of relevance to thehotel," comments Greenwood principal TomConran.

Built in 1909, the hotel was once the Alamo City's largestbuilding and a popular destination for visitors; these days it alsoboasts 23,000 square feet of meeting/conference space. In recentyears, however, the property at 205 Houston St. near the Riverwalkhad its problems until 2011, when lender JP MorganChase bought back the property from then-owner GunterHotel Ventures through an auction. Conran tellsGlobeSt.com that the hotel remained operationalthrough its foreclosure timeline, and the property itself is stillin good shape.

"Having said, that, our renovations on behalf of Axle Capitalwill include guest room and corridor improvements, full renovationof the lobby and reconcepting of the food and beverage services,"Conran says. Renovations are anticipated to take between 18and 24 months. Conran says the hotel will continue operating underthe Sheraton flag and Greenwood Hospitality will manage theproperty.