Extensive renovations, name change planned at Austin luxury resort after sale to NY firm
Travaasa Austin, a idyllic resort and spa on the north shore of Lake Travis that is bringing in solid revenue numbers, has been purchased by Miraval Group.
The New York-based investor is focusing on building a destination wellness brand. Currently, it operates Miraval Arizona Resort & Spa in Tucson, Arizona, and Miraval Life in Balance Spa at Monarch Beach Resort in Dana Point, California.
Travaasa, which will undergo a big expansion, will be rebranded as Miraval Austin when renovations are completed in early 2019.
Click on the photo to see a slideshow of the property.
The purchase price was not disclosed in a statement issued by the Miraval Group, but the Travis Central Appraisal District most recently valued the hospitality property on 220 acres at a modest $12.1 million.
The seller was Amstar Group LLC, a Denver-based investment company.
Travaasa raked in the second-most revenue per available room, or RevPar, in all of Texas in the third quarter at $262.26. That number reflects the daily revenue generated per room when vacancy rates are factored in. Travaasa’s RevPar topped that of two of Austin’s most expensive hotels — Four Seasons Hotel Austin and W Austin Hotel.
Miraval did not disclose how much will be invested at Travaasa, but it did outline plans, including the addition of 50 rooms to the current count of 70 and doubling the amount of spa space. The main restaurant will be expanded, and an equine-focused experiential venue will be added.
“We selected Travaasa Austin for a host of reasons, including its hilltop location that provides extraordinary views of Lake Travis and a sense of place,” said Steven Rudnitsky, president and CEO of Miraval Group.
In 2015 Travaasa ranked No. 24 in the U.S. on the Conde Nast Traveler’s 2015 Readers’ Choice Award list.
The property will remain open during renovations and will use the Travaasa name until the expansion is complete.
Source: Austin Business Journal
Jan Buchholz, Senior Staff Writer