Amstar Sells Travaasa Austin, A Wellness Resort in Austin, TX
AUSTIN, TEXAS (January 6, 2017) – Amstar, a Denver-based real estate investment manager, announced the sale of Travaasa Austin, a destination wellness resort built in a campus-style setting with 22 free-standing buildings. The 70-key resort is built on 220 acres northwest of Austin, TX, overlooking Lake Travis, approximately 45 minutes from Austin-Bergstrom International Airport and 30 minutes from downtown Austin.
Amstar acquired the property in 2010 and rebranded it as Travaasa Austin in 2011. The property was named one of the top 100 resorts in the world by Conde Nast in 2015 and one of the top 10 workplaces in Austin for the last three consecutive years.
Miraval Group was the buyer; they plan to renovate the existing inventory, add 50 rooms, increase the spa space, expand the main restaurant and construct several facilities including a unique equine experience. The property will continue to operate as Travaasa Austin throughout the redevelopment process and relaunch as Miraval Austin in early 2019.
Adam Hawthorne, Travaasa President/Amstar Vice President, said, “During Amstar’s ownership we were happy to see Travaasa Austin develop into one of the top-rated resorts in the world, achieve the second highest RevPAR in the state of Texas and to have the property team vote it as one of the top 10 workplaces in Austin. The ownership of the property also allowed Amstar the opportunity to build its proprietary brand, Travaasa Experiential Resorts. Over the next two years, we are looking forward to licensing the brand to the new owners while continuing to own and operate Travaasa Hana, Maui. Overall, this investment was another successful example of Amstar’s strategy to add value to assets in growth markets, such as Austin.”
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Amstar is a privately-owned company with over 38 professionals, and is based on a culture of trust, integrity and respect. For more information, visit www.amstar.com.