Hyatt Acquires Full Ownership of Hyatt Regency Lost Pines Resort and Spa for $143M
- Nov 14, 2014
A Hyatt affiliate has acquired its partners’ 92 percent interest in the Hyatt Regency Lost Pines Resort and Spa near Bastrop, according to Hyatt Hotels Corporation. The price of the transaction was approximately $143 million.
The sale also includes the assumption of $65 million of property-level debt. The total price, debt included, is valued at approximately $450,000 per key.
“This transaction is consistent with our strategy to focus our investing in key areas such as resorts and group-oriented hotels,” says Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt. “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 its future.”
The picturesque resort opened in 2006 and ever since has operated as Hyatt Regency Lost Pines Resort and Spa. The developer of the 491-room resort is Dallas-based Woodbine Development Corporation, which also acted as asset manager and managing general partner of Bastrop Resort Partners, the entity Woodbine formed in 2003. The other original partners were Oklahoma Publishing Co., Cook Inlet Region Inc., and Hyatt Hotels Corporation.
The property sits on 405 acres along the banks of Texas’ Colorado River. The award-winning resort offers more than 60,000 square feet of indoor meeting space and over 240,000 square feet of outdoor space sprinkled with pavilions, an amphitheater, the Wolfdancer Golf Club, Spa Django, Crooked River Water Park, and the Renegade Trailhead equestrian facility. Furthermore, guests can also benefit from the adjoining 1,100-acre McKinney Roughs Nature Park.
“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,” Haggerty says.
Photo courtesy of Hyatt Regency Lost Pines Resort and Spa.