Crescent links with NY casino REIT on plans for Austin resort

Texas might be getting a Canyon Ranch resort soon.

Fort Worth-based Crescent Real Estate is partnering with NY entertainment firm VICI Properties to build a luxury resort near Austin, the Dallas Morning News reported. The property will be Canyon Ranch’s fourth US location and its first in the Lone Star State.

In addition to the luxury resort, Crescent is also planning to open multiple urban locations that offer fitness and spa amenities in Fort Worth and Houston.

VICI is a New York-based REIT that specializes in casinos and owns such landmark entertainment properties as Caesars Palace, MGM Grand and the Venetian Resort in Las Vegas. Crescent operates three Canyon Ranch resorts in the US that are located in Tucson, Ariz., Lennox, Mass. and Woodside, Calif.

“We have been looking for the right piece of property for a couple of years,” Crescent Real Estate Chairman John Goff told the outlet. “We are working on final entitlements/approvals.”

The developers said construction on the $200 million resort is scheduled to begin next year with a planned opening date in 2025.

With $3.5 billion in assets under management and $5 billion in purchasing power in its two Invitation Funds, Crescent Real Estate has been an active player in the Uptown area of Dallas.

The company completed the 530,000-square-foot, 20-story office tower called McKinney & Olive in 2016, and last year wrapped up the redevelopment of 200,000 square feet of office space at 2401 Cedar Springs.

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— Victoria Pruitt