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Woodbine Development Corporation Obtains $74.25 million Construction and Permanent Loan for $135-million
Hyatt Resort Near Austin, Texas


AUSTIN, Texas & BASTROP, Texas - Sept. 8, 2004 -- Woodbine Development Corporation of Dallas announced the closing of a $74.25-million construction and permanent loan with Prudential Mortgage Capital, clearing the way for full-scale construction of its $135-million Hyatt resort project under development between Austin and Bastrop, Texas. The loan was structured by Paul Geyer, who heads Prudential's Dallas office.

"We actually launched site work on the 405-acre resort project in June, and with this financial documentation now complete, construction is full-speed ahead, with plans for a summer 2006 opening," said John Field Scovell, Woodbine's president and CEO.

A construction celebration is being planned for community leaders in late September of this year.

Woodbine also announced additions to its development team:

  • Lyda Swinerton Builders, Inc., of San Antonio, general contractor;
  • Oliphant Golf Construction, Inc., of Middleton, Wis., golf course contractor;
  • Pape-Dawson Engineers of San Antonio, civil engineer;
  • Blum Consulting Engineers of Dallas, mechanical, electrical, plumbing and fire protection systems engineer;
  • Brockette/Davis/Drake, Inc., of Dallas, structural engineer;
  • Raba-Kistner Consultants, Inc., of San Antonio, geotechnical engineer; and
  • Sylvia Planning and Design (SPAd) of Sedona, Ariz., spa consultant.
Other previously announced members of the resort's design team include: Hill Glazier Architects, Inc., of Palo Alto, Calif., building architect; Vivian / Nichols Associates of Dallas, interior designer; TBG Partners of Austin, landscape architect; Arthur Hills/Steve Forrest and Associates of Toledo, Ohio, golf course architect.

"We have assembled a stellar group of experienced consultants and contractors who are all committed to making this one of the finest destination resorts in the country," Scovell said.

Ed Rabin, president of Hyatt Hotels Corporation, noted that calls already have started coming in to Hyatt's sales offices from groups interested in booking the Austin/Bastrop property for future meetings.

"We expect to have a director of sales assigned to the property by the end of the year," Rabin said. "Hyatt is thrilled at the opportunity to work with Woodbine on the sixth hotel project we've developed together. We have no doubt that this resort will be another success with the fine partners assembled."

Woodbine purchased 656 acres of Bastrop County land from Lower Colorado River Authority in March 2004. The resort site, which adjoins LRCA's 1,110-acre McKinney Roughs Nature Park, utilizes 405 acres of this land, including approximately one mile of Colorado River frontage. The remaining 251 acres are being reserved for future development.

The resort site is approximately 13 miles from the Austin Bergstrom International Airport (ABI) and will include a 500-room hotel; an 18-hole golf course; a full-service spa; extensive water features, including a man-made river pool alongside the property's Colorado River frontage and its associated canoeing and fishing opportunities; multiple food and beverage outlets; hiking and equestrian trails; and Hyatt's trademarked services, such as Camp Hyatt for kids and Regency Club. Additionally, the property will have more than 50,000 square feet of indoor function space and numerous outdoor event venues.

The resort is a joint venture among affiliates of Woodbine Development Corporation of Dallas, managing general partner; Cook Inlet Region, Inc., (CIRI) of Anchorage, Alaska; The Oklahoma Publishing Company (OPUBCO) of Oklahoma City; and Hyatt Hotels Corporation of Chicago.

Woodbine Development Corporation
Also See: Three Lenders Round Out the $180-million Capitalization Package for the 750-room Westin Kierland Resort / December 2000
Woodbine Development Corporation the Managing General Partner for a 500 room Hyatt Destination Resort Near Austin, Texas / March 2004

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