IHG Hotels and Resorts (IHG) and US-based property management company Scarlett Hotel Group (SHG) have started construction of InterContinental San Antonio in Texas.

Denver-based real estate investment and development company Trailbreak Partners collaborated with SHG to raise $158m in funding to transform the property.

The original structure opened as an office building in 1958, located next to Weston Centre.

The hotel will feature 391 rooms, a rooftop pool with downtown views and provide direct access to the River Walk and river taxi landing area.

InterContinental San Antonio will have 40,000ft² of meeting space, restaurant and bar options and rooftop amenities.

A range of adaptable indoor areas will be available, suitable for small groups and meetings. During the day, co-working areas can be transformed into private dining places.

IHG Hotels and Resorts Americas development SVP Matt Frankiewicz said: “We are delighted to enhance our growing luxury and lifestyle portfolio in the Americas with the addition of InterContinental San Antonio.

“InterContinental Hotels and Resorts is the world’s first and largest international luxury hotel brand with 211 open properties and 93 in the global pipeline and this property is an exciting addition to the brand portfolio.

“The energising spirit of San Antonio coupled with the unrivalled experiences, inspiring design and personalised service for which InterContinental Hotels and Resorts is globally celebrated will undoubtedly create a memorable experience for visitors and locals alike.”

The project is expected to complete by late 2024.

SHG principal and co-founder Zio Pekovic said: “It’s an honour to work with our partners at Trailbreak and IHG to bring a storied luxury hotels brand like InterContinental Hotels and Resorts to the city of San Antonio.

“We can’t wait for the public and convention planners to experience the incredible space and amenities that this property will add to the community.”