The sale of the Cedar Creek, Texas property marks the second major purchase made by the California real estate investment firm this week. Ohana also purchased La Cantera Resort & Spa in San Antonio, Texas. Financial details, including a sale price, were not disclosed for either sale.
A California real estate investment firm is buying the Hyatt Regency Lost Pines Resort & Spa, the Austin American-Statesman reported. Ohana Real Estate Investors, which is based in Redwood City, Calif., is purchasing the 650-acre Lost Pines property from an affiliate of Hyatt Hotels Corporation, the companies said June 17.
C+RB reported June 16 that affiliates of Ohana Real Estate Investors purchased La Cantera Resort & Spa in San Antonio, Texas. Financial details, including a sale price, were not disclosed for either sale.
“This acquisition reflects our strong conviction in well-located resort properties and the desirable Austin market, where Ohana intends to open an office this year,” Franco Famularo, Ohana’s chief investment officer, said in a written statement. “We very much appreciate Hyatt’s confidence in Ohana to be the next owner of this amazing property, and we look forward to a successful relationship with Hyatt for years to come.”
Hyatt and Dallas-based Woodbine Development Corp. partnered to build Hyatt Lost Pines, which opened in 2006, the American-Statesman reported.
In 2014, Hyatt acquired Woodbine Development’s ownership stake in the resort in a deal valued at $143 million deal, giving Hyatt full ownership of the 491-room resort, the American-Statesman reported. The sprawling property is by far the largest hotel facility in Bastrop County. It sits on a 650-acre site about 15 miles east of Austin-Bergstrom International Airport.
Amenities include its Wolfdancer Golf Club, a full-service spa and salon, fitness center, tennis courts, horseback riding, canoeing and kayaking, archery, bird watching, stargazing, a video arcade, a water park and on-site bars, restaurants and shops, the American-Statesman reported. The resort also has extensive conference and banquet facilities.
The Lost Pines resort was closed for several months last year during the pandemic, and as of March, the city of Bastrop was projecting hotel tax revenue generated by the facility in the current fiscal year would be down by as much as $1 million from typical tax revenue generated in fiscal years 2014-2019, the American-Statesman reported.