Aiming to capitalize on what it views as a shift in travel behavior and a real estate market that has made attractive properties available for lower-than-normal prices, Green Tea LLC, a Denver-based hotel acquisition, development and management company, has launched Travaasa Destinations. Characterized as "experiential destination hotels," Travaasa Destinations promise to combine customizable programming with spectacular natural locations. The first hotel, Travaasa Austin, which opened in mid-April, offers views of Texas Hill Country from every room and activities ranging from an "equine experience" to a challenge course designed in partnership with Outward Bound Professional. The 70-guestroom, campus-style Travaasa Austin was a conference center before Green Tea acquired it last year. A second property - Travaasa Hana, located in the former Hotel Hana-Maui on the Hawaiian island's eastern coast - is scheduled to open in June. Although Green Tea is not disclosing purchase prices for the properties, the company says it acquired them for roughly 30% of replacement costs.
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