SAN ANTONIO-Woodbine Development Corp., the long-time owners of the 500-room Hyatt Regency Hill Country Resort and Spa, has obtained $89.5 million in refinancing for the property. The money is being used, in part, to help with a $35 million renovation and expansion of the resort, which will help increase function and pre-function space and add new outdoor function space.

Other improvements to the property at 9800 Hyatt Resort Dr. will include an enhancement of guest rooms and landscaping, as well as expansion of its water park. Woodbine is managing the project, with WATG and Wimberly Interiors providing interior design services; HKS Hill Glazier Studio as architect of record; Rialto Studio Inc. managing landscape improvements; and Hardin Construction Company LLC, as general contractor.

On the financial side, Morgan Stanley provided $61 million in senior debt, while Prudential Real Estate Investors financed a $28.5-million mezzanine loan. Dan MacDonnell of Cushman & Wakefield's Los Angeles office represented Woodbine Development in the transaction, with legal counsel provided by the Dallas-based law firm of Brown McCarroll.

“After 20 years of ownership, we find ourselves even more enthusiastic about the future of this resort,” says B. Gregory Mowatt, Woodbine Development Corp.'s COO and CFO in a press release. “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.”