November 10, 2014 // Franchising.com // CHICAGO – Hyatt Hotels Corporation (NYSE:H) 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.
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.
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences and vacation ownership properties, including under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place®, Hyatt House®, Hyatt Zilara™, Hyatt Ziva™, Hyatt Residences® and Hyatt Residence Club® brand names and have locations on six continents. As of September 30, 2014, the Company's worldwide portfolio consisted of 573 properties in 48 countries. For more information, please visit www.hyatt.com.
Bastrop Resort Partners, L.P., a Texas limited partnership, was created in 2003 to develop and own Hyatt Regency Lost Pines Resort and Spa. The partnership included affiliates of Woodbine Development Corporation of Dallas, The Oklahoma Publishing Company; Cook Inlet Region, Inc., (CIRI) of Anchorage and Hyatt Hotels Corporation of Chicago. The original developer and asset manager of Hyatt Lost Pines, Woodbine is a 40-year-old, full-service real estate company specializing in hotel/resort, land and mixed-use projects. Woodbine and its financial partner Hunt Realty Investments, Inc., continue to hold full ownership of Hyatt Regency Hill Country Resort in San Antonio. For more information, visit www.woodbinedevelopment.com.
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SOURCE Hyatt Hotels Corporation