SAN ANTONIO - Woodbine Development Corporation has refinanced its Hyatt Regency Hill Country Resort and Spa in San Antonio with $89.5 million in loans.
Morgan Stanley provided $61 million in senior debt, while Prudential Real Estate Investors financed a $28.5 million mezzanine loan. Dan MacDonnell of Cushman & Wakefield's Los Angeles office represented Woodbine Development in the transaction, with legal counsel provided by the Dallas-based law firm of Brown McCarroll.
"After 20 years of ownership, we find ourselves even more enthusiastic about the future of this resort," said B. Gregory Mowatt, Woodbine Development Corporation's chief operating officer and chief financial officer. "The commitment by these lenders and the ownership's commitment to infuse new capital into the project will allow the Hyatt Regency Hill Country Resort and Spa to maintain its position as one of the most desirable resort projects in the region."
Woodbine opened Hyatt Hill Country Resort and Spa as Texas' first true destination resort in February 1993 and will celebrate 20 years of successful operation this year. The property is undergoing a $35 million expansion and renovation that will essentially double the resort's indoor function space, triple its pre-function space, add new outdoor function space, enhance and freshen guest rooms and landscaping, as well as expand its popular water park to include a FlowRider wave machine and tower slide. Woodbine is managing the project, with WATG and Wimberly Interiors providing interior design services; HKS Hill Glazier Studio as architect of record; Rialto Studio, Inc., managing landscape improvements; and Hardin Construction Company, LLC as general contractor.