Source: The Dallas Morning News
By Steve Brown (firstname.lastname@example.org)
Woodbine Development Corp. has borrowed almost $90 million to refinance its big resort near San Antonio.
The Dallas-based real estate firm said it has obtained the new financing for the Hyatt Regency Hill Country Resort and Spa. Morgan Stanley provided $61 million in debt and another $28.5 million came from Prudential Real Estate Investors.
“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,” B. Gregory Mowatt, Woodbine Development’s chief operating officer, said in a statement.
The property currently getting a $35 million expansion and renovation.
Woodbine developed the sprawling Hill Country project which opened in 1993.