Stratus Properties Inc
We are a diversified real estate company engaged primarily in the development,
management, operation and/or sale of commercial, hotel, entertainment, and multi-
and single-family residential real estate properties located in Texas, primarily
in the Austin area. We generate revenues from sales of developed properties,
from our hotel and entertainment operations and from rental income from our
commercial properties.
Developed property sales can include an individual tract of land that has been
developed and permitted for residential use, a developed lot with a home already
built on it or condominium units at the W Austin Hotel & Residences project.
We may sell properties under development, undeveloped properties or commercial
properties, if opportunities arise that we believe will maximize overall asset
values as part of our business plan.
Our principal executive offices are located in Austin, Texas, and our company
was incorporated under the laws of the state of Delaware on March 11, 1992.
Stratus Properties Inc. was formed to hold, operate and develop the domestic
real estate and oil and gas properties of our former parent company. We sold
all of our oil and gas properties during the 1990s and have since focused solely
on our real estate properties. Our overall strategy has been to enhance the
value of our properties by securing and maintaining development entitlements
and developing and building real estate projects on these properties for sale
or investment. We have also pursued opportunities for new projects that offer
the possibility of acceptable returns and risks.
Real Estate Operations. A developed lot is an individual tract of land that
has been developed and permitted for residential use. Developed acreage or acreage
under development includes real estate for which infrastructure work over the
entire property has been completed, is currently being completed or is able
to be completed and for which necessary permits have been obtained. The undeveloped
acreage shown in the table below is presented according to anticipated uses
for multi- and single-family lots and commercial development based upon our
understanding of the properties’ existing entitlements. However, there
is no assurance that the undeveloped acreage will be developed because of the
nature and cost of the approval and development process and market demand for
a particular use.
Hotel. The W Austin Hotel includes 251 luxury rooms and suites, a full service
spa, gym, rooftop pool and 9,750 square feet of meeting space. We have an agreement
with Starwood Hotels & Resorts Worldwide, Inc. (Starwood) for the management
of hotel operations at our W Austin Hotel & Residences project.
Entertainment. The entertainment space at the W Austin Hotel & Residences
project is occupied by Austin City Limits Live at the Moody Theater (ACL Live)
and includes a live music and entertainment venue and production studio with
a maximum capacity of approximately 3,000 people. In addition to hosting concerts
and private events, this venue is the home of Austin City Limits, a television
program showcasing popular music legends.
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