Canyon Ranch is partnering with New York-based entertainment firm and casino operator VICI Properties Inc. to build a resort in the Austin, Texas area. The pair have committed $200 million in capital to develop the wellness resort, and construction is scheduled to start next year. The facility would open in 2025.
Canyon Ranch, the luxury resort operator of Fort Worth, Texas-based Crescent Real Estate, is planning its first Texas location near Austin, The Dallas Morning News reported. Canyon Ranch is partnering with New York-based entertainment firm and casino operator VICI Properties Inc. to build the resort.
The company is also planning to open several urban locations with fitness and spa facilities in Fort Worth and Houston, The Morning News reported. Canyon Ranch and VICI Properties have committed $200 million in capital to develop the Hill Country wellness resort, and construction is scheduled to start next year. The facility would open in 2025.
“Expanding access to our resorts with the Austin location is just one part of a broader Canyon Ranch strategy to engage with our guests on a lifetime journey of well-being,” Jeff Kuster, CEO of Canyon Ranch, said in a statement. “Guests will soon be able to begin or continue their wellness experience at our new Canyon Ranch Clubs and be supported by our digital app. By meeting our guests where they are, Canyon Ranch can seamlessly support them no matter how or where they want to engage with us.”
Canyon Ranch currently operates resorts in Arizona, California and Massachusetts, The Morning News reported. It plans to open Canyon Ranch Clubs next year in Fort Worth and in 2024 in Houston.
The company will announce the Hill Country location soon, Crescent Real Estate Chairman John Goff said in an e-mail, The Morning News reported.
“We have been looking for the right piece of property for a couple of years,” Goff said. “We are working on final entitlements/approvals.
Goff described the location as a “beautiful property—Hill Country terrain/views, great water,” The Morning News reported.
Canyon Ranch was founded in the 1970s with the first location near Tucson. Crescent Real Estate first invested in the resorts in the 1990s, The Morning News reported. VICI Properties owns landmark gaming, hospitality and entertainment properties including Caesars Palace, MGM Grand and the Venetian Resort in Las Vegas. The real estate investment trust also owns casinos, hotels, golf courses, restaurants, nightclubs and entertainment facilities nationwide.