Amstar Acquires The Crossings, A 70-Room Destination Resort Near Austin

Austin, Texas (May 27, 2010) – Amstar announced today the purchase of The Crossings, a 70-room destination resort and spa on 210 lush acres above the Balcones Preserve, 30 minutes northwest of downtown Austin, Texas. Green Tea LLC, an Amstar subsidiary, will manage the property.  

The Crossings offers day and overnight guests numerous activities, beginning with world-class spa services, including holistic, healing, and massage treatments. Guests also can enjoy more active instructor-led workout programs and wellness workshops and lectures. The expansive property features numerous hiking trails, an inspiring infinity pool, nearby horseback riding, mountain biking, golf and water sports on Lake Travis.

The resort’s well-appointed guest rooms are in seven lodges set along meandering paths throughout the resort. Most rooms offer private shaded patios and decks, and all offer free wireless Internet access and broad views of the forested landscape. All of the facilities at The Crossings were built using green design principles.

The resort offers flexible, private meeting venues ranging in size from 440 square feet to 3,000 square feet. The meeting spaces are bright and airy with natural lighting, flexible seating arrangements and multimedia capabilities. Green Tea, which will incorporate sustainable practices in the resort’s operations, is planning several strategic upgrades to the facilities, including a comprehensive dining room renovation that will be complete by August.

“The Crossings is a superlative facility with a top-notch, seasoned staff. Amstar’s goal is to take the resort to the next level by improving the facilities and providing new programming that truly enhances our guests’ experiences. We are very excited about applying our hands-on management capabilities and believe our efforts will establish The Crossings as a preeminent destination resort in Austin,” said Amstar CEO Gabe Finke.

The Crossings is the second hospitality property Amstar has purchased at favorable pricing during 2010. Earlier in May, Amstar purchased the Hotel Hana-Maui, a 70-room resort located on the Island of Maui, Hawaii. The Hotel Hana-Maui hotel boasts a luxury spa, numerous private cottages and two award-winning restaurants. The hotel is located on 70 acres and is surrounded by a 4,500-acre ranch at the end of Maui’s famous Hana Highway, on the island’s eastern coast. The Crossings represents the first Texas hospitality acquisition for Amstar, which also owns hotels and resorts in Virginia, Hawaii, Colorado, Illinois, Rhode Island, Florida and California. 

The Crossings is located at 13500 FM 2769 in Austin.

About Amstar

Established in 1987, Denver-based Amstar is a real estate investment manager that manages both commingled funds and tailored separate accounts for its international and domestic clients. With nearly $2 billion in assets under management, Amstar’s current portfolio consists primarily of office, hospitality, and multifamily holdings within major markets of the United States and select markets in Europe and Latin America.

Amstar’s team of highly capable employees understands that a hands-on dedication to real estate and commitment to its clients are the company's primary competitive advantage.  For more information on Amstar, go to www.amstar.com, or contact Executive Director Rob Toomey at rob.toomey@amstar.com.

Amstar