Ten years ago, CIRI invested in the 491-room Hyatt Regency Lost Pines Resort and Spa near Austin, Texas. The resort quickly developed a reputation as a sought-after destination for meeting planners and vacationers.
On Thursday, Nov. 6, CIRI announced the sale of its 32-percent interest in the resort and spa. Hyatt Corporation, a minority partner in the investment, acquired 100 percent ownership from the other partners – CIRI, Woodbine Development Corporation and Oklahoma Publishing Company.
“We’re pleased about the sale of the Lost Pines Resort and Spa to our partner Hyatt,” said Sophie Minich, president and CEO of CIRI. “This transaction fits with CIRI’s investment philosophy of identifying an opportunity, investing in it and building it into a sustaining business, and then harvesting the value that we helped cultivate.”
The Hyatt Regency Lost Pines Resort and Spa is an award-winning resort set on 405 acres along the banks of the Lower Colorado River. The facility features 60,000 square feet of indoor meeting space and outdoor attractions, including an amphitheater, golf course and equestrian facility.
“We have appreciated the opportunity to work closely with our partners on this project. Their vision and professionalism were essential for the success of the Lost Pines Resort and Spa,” Minich said. “CIRI looks forward to redeploying the proceeds from this excellent investment in new opportunities that deliver long-term growth and value for our shareholders.”