Hyatt Hotels Corp. on Monday announced a Hyatt affiliate has acquired its partners’ 92% interest in the 491-room Hyatt Regency Lost Pines Resort and Spa in Austin/Bastrop, Texas, for approximately US$143 million. The company also assumed approximately US$65 million of property-level debt. The total price, inclusive of debt, implies a valuation of approximately US$450,000 per key.
The resort has operated as Hyatt Regency Lost Pines Resort and Spa since it opened in 2006. Woodbine Development Corp. of Dallas developed the property as developer, asset manager and managing general partner of Bastrop Resort Partners. 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 has made it a key asset in our portfolio, and whole ownership affords us greater control of its future.”