Hyatt Hotels Corporation has announced that a Hyatt affiliate has acquired its partners’ 92 per cent interest in the 291-bedroom Hyatt Regency Lost Pines Resort and Spa in Austin/Bastrop, US, for approximately US$143m (€116m, £91m).
Hyatt also assumed approximately US$65m (€53m, £42m) of property-level debt. The total price, inclusive of debt, implies a valuation of approximately US$450,000 (€370,000, £290,000) per key.
The resort has operated as Hyatt Regency Lost Pines Resort and Spa since it opened in 2006 and was developed by Woodbine Development Corporation of Dallas – also one of the original co-owners of the property.
“This transaction is consistent with our strategy to focus our investing in key areas such as resorts and group-oriented hotels,” said Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt. “The resort’s financial and operating success has made it a key asset in our portfolio and whole ownership affords us greater control of its future.”
The resort’s Spa Django features 18,000sq ft (1,672sq m) of wellness, which includes 18 treatment rooms, male and female relaxation pools, saunas, whirlpools and an outdoor pool.
There is also a ‘Wild Hare Youth Spa’ menu for guests aged 17 and under, which lists treatments such as massages, facials, manicures and pedicures.
