Ashford Trust to Buy Lakeway Resort for $33.5M

The strong Austin economy and the sustained growth in the technological sector, mixed with increasing visitation, appeals more and more to investors. Recently, Dallas-based Ashford Hospitality Trust announced that it has signed an agreement to acquire Lakeway Resort & Spa for $33.5 million. The acquisition should close within the next 30 days, and Remington Lodging will take on the management responsibilities. The seller is the joint venture formed by Dow Hotel Co. and the Carlyle Group.

Austin’s diversified economy, dynamic high-tech sector and growing tourism industry is drawing attention from hotel investors. Recently, Dallas-based Ashford Hospitality Trust announced an agreement to acquire Lakeway Resort & Spa for $33.5 million from a joint venture of Dow Hotel Co. and the Carlyle Group.

The deal is expected to close in the next 30 days, and Remington Lodging will assume management dutiees.

Located in Austin’s northwest corridor near Lake Travis and the city’s downtown, Lakeway Resort was completed in 1966 and expanded in 2001 and 2007. Last year the property underwent a $6 million renovation that featured an upgrade of the guestrooms. The 168-key hotel includes four separate buildings, approximately 24,000 square feet of meeting space and four large flexible ballrooms. The hotel also controls eight luxury condominium units through a rental pool agreement.

Amenities include full-service spa, 24-hour fitness center, three swimming pools, a full-service restaurant, and access to golf, tennis and the Lakeway Marina. The resort offers convenient access to Austin’s 4,400 technology companies and plenty of choices for recreation.

Photo courtesy of Lakeway Resort & Spa.