CHICAGO–Hyatt Hotels Corporation (NYSE:H) today announced that a Hyatt affiliate has acquired its partners’ 92 percent interest in the 491-room Hyatt Regency Lost Pines Resort and Spa in Austin/Bastrop, Texas, for approximately $143 million. The Company also assumed approximately $65 million of property-level debt. The total price, inclusive of debt, implies a valuation of approximately $450,000 per key. The transaction closed on November 6.
“Hyatt Regency Lost Pines is a sought-after destination by both leisure and group guests and has strengthened Hyatt’s presence in the Austin area, where Hyatt has a broad spectrum of lodging experiences”
The resort has operated as Hyatt Regency Lost Pines Resort and Spa since it opened in 2006. The resort was developed by Woodbine Development Corporation of Dallas as developer, asset manager and managing general partner of Bastrop Resort Partners, L.P. Hyatt was one of the original co-owners and has managed the resort since its opening.
“Hyatt Regency Lost Pines is a sought-after destination by both leisure and group guests and has strengthened Hyatt’s presence in the Austin area, where Hyatt has a broad spectrum of lodging experiences,” said Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt. “This transaction is consistent with our strategy to focus our investing in key areas such as resorts and group-oriented hotels. The resort’s financial and operating success of this property has made it a key asset in our portfolio, and whole ownership affords us greater control of the its future.”
Set on 405 acres along the banks of Texas’ Colorado River between Austin and Bastrop, Texas, Hyatt Regency Lost Pines is a destination unto itself. The award-winning resort features more than 60,000 square feet of indoor meeting space and over 240,000 square feet of outdoor function space with pavilions and an amphitheater, as well as the Wolfdancer Golf Club, Spa Django, Crooked River Water Park, and the Renegade Trailhead equestrian facility. Guests can also enjoy the adjoining 1,100-acre McKinney Roughs Nature Park. For more information, visit www.lostpines.hyatt.com.
The term “Hyatt” is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.
