CIRI Partners with Woodbine Development in Texas Hyatt Resort Investment

CIRI is partnering with Woodbine Development Corporation in a third resort investment and a 656-acre site between Austin and Bastrop, Texas, has been purchased for the resort which will be operated by Hyatt Hotels & Resorts.

“We have a great deal of confidence in Woodbine’s development expertise. The resort site’s adjacency to the McKinney Roughs Nature Park will make this a one-of-a-kind project that is well-suited to our portfolio,” said Carl Marrs, CIRI President and Chief Executive Officer.

The Austin/Bastrop resort will include a 500-room hotel; an 18-hole golf course; a full-service spa; extensive water features, including a man-made river pool alongside the property’s Colorado River frontage and its associated canoeing and fishing opportunities; multiple food and beverage outlets; hiking and equestrian trails; and Hyatt’s trademarked services, such as Camp Hyatt for kids and Regency Club.

Additionally, the property will have more than 50,000 square feet of indoor function space and numerous outdoor event venues.

Woodbine’s original interest in Austin was triggered with the opening of the new Austin-Bergstrom International Airport, which is only 13 miles from the resort site on Highway 71.

“We held several focus groups among meeting planners, and they were very supportive of the site, not only because of its incredible beauty but because it is so easy to get to,” said Woodbine’s President and Chief Executive Officer John Scovell, explaining that approximately 65 percent of the resort’s business will come from the group meetings market.

Other investment partners include The Oklahoma Publishing Company, which owns the Broadmoor Hotel and Spa in Colorado Springs and formerly owned the Opryland Hotel in Nashville, and the Hyatt Corporation of Chicago.

CIRI’s other investments with Woodbine include the Hyatt Regency at Lake Las Vegas Resort and The Westin Kierland Resort and Spa in Arizona.