Canyon Ranch Nears Start of $120M Resort Near Austin

The countdown has begun for Canyon Ranch’s resort in the Texas Hill Country, marking its first in the state and fifth overall.

Fort Worth-based Canyon Ranch is set to start construction this summer on a 223,700-square-foot luxury resort in Spicewood, nearly an hour northwest of Austin, the San Antonio Express-News reported.

It was previously reported that Fort Worth-based Crescent Real Estate and New York-based VICI Properties are leading the development, which is expected to cost $121 million, almost $541 per square foot.

Canyon Ranch resorts often serve as wellness retreats, combining holistic methods and treatments to promote mental, physical and spiritual health.

Canyon Ranch Austin will include spa, fitness and dining facilities, as well as a medical clinic. It will offer a variety of wellness packages, such as spa renewal, mindful journey, fitness amplified, the longevity life and executive health, with prices ranging from $855 to $2,150. Single-day passes will also be available.

Canyon Ranch opened its first resort in Tucson, Arizona, in 1979 and has since established locations in Massachusetts, Las Vegas and the San Francisco area. Canyon Ranch also has a wellness club and spa in Fort Worth, with another in Houston that’s set to open this year.

Canyon Ranch has garnered numerous accolades, including the 2021 Travelers’ Choice Winner, California’s Best Wellness Retreat in 2020, and Massachusetts’ Best Wellness Retreat.

VICI Properties, a real estate investment trust specializing in entertainment projects, invested $150 million last year to bolster Canyon Ranch’s expansion plans. The company aims to build resorts in Florida, the Pacific Northwest and the Southeast Atlantic by 2030.

VICI provided a construction loan for the Canyon Ranch’s Austin resort in 2022, which will convert to a sale leaseback when the property becomes stable.

—Quinn Donoghue