Hyatt Acquires Full Ownership of Hyatt Regency Lost Pines Resort and Spa
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.
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.
About Hyatt Hotels Corporation
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(R), Park Hyatt(R), Andaz(R), Grand Hyatt(R), Hyatt Regency(R), Hyatt Place(R), Hyatt House(R), Hyatt ZilaraTM, Hyatt ZivaTM, Hyatt Residences(R) and Hyatt Residence Club(R) 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.
About Bastrop Resort Partners, L.P.
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.
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
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