16 | NEWS | <strong>Community</strong> <strong>Impact</strong> <strong>Newspaper</strong> • Lake Travis/Westlake Edition ® ®
news UPdate Lakeway Resort and Spa falls under new ownership at foreclosure auction Joint owners will invest more than $5 million to complete renovations By Kyle Webb After paying off the $21 million loan at the July 3 foreclosure auction, Seattlebased hotel investor The Dow Hotel Company and The Carlyle Group’s Carlyle Realty Partners VI have acquired the Lakeway Resort and Spa. The resort, which sits on 12 acres with 1,000 feet of waterfront on Lake Travis, was under renovation by its previous owner. The new joint owners will invest more than $5 million to complete the renovations to the AAA Four Diamond resort. “The hotel is in good condition having recently completed a $15 million renovation in the past few years,” DHC founder and President Murray L. Dow said in a news release. “We will upgrade the restaurant and introduce an expanded menu and complete some mechanical improvements this year.” Lakeway Mayor Dave DeOme thinks that it is a good idea for the resort to upgrade the restaurant, he said. Dow also plans to do a complete makeover of the guest rooms and bathrooms, he said in a news release. Other plans for the resort include upgrading the ballroom, creating a unique wedding experience space and refreshing the lobby and corridors, Dow said in the news release. “I think the Lakeway Inn has been, is and will be an integral part of Lakeway, both from an employer and destination standpoint,” DeOme said. “Anything that happens that will make it successful is a good thing.” The Carlyle Group, a Washington, D.C.– based company, sees growth potential in the Lakeway Resort and Spa, said Thad Paul, managing director of The Carlyle, in a news release. “The strong job growth we are seeing in the Austin feeder markets around Texas, and the opportunity to reposition the property through capital improvements and new management makes this an attractive investment,” Paul said in the news release. The companies were advised on the sale by Hospitality Funding LLC, a Palm Beach, Fla. boutique investment firm. Thrivent Asset Allocation Funds. A smarter pie chart. It’s easy to invest smart, with mutual funds that are tailored to your investment style and risk tolerance. Put our know-how on your side. Lone Star Financial Consultants Jesse Bennight • Duane Moore • Tiffani Schuh 7000 North Mopac Expressway, Suite 100 Austin, TX 78731 (512) 777-1223 Duane.Moore@Thrivent.com Investing in a mutual fund involves risks, including the possible loss of principal. The prospectus contains more complete information on the investment objectives, risks, charges and expenses of the fund, which investors should read and consider carefully before investing. To obtain a prospectus, contact a Thrivent Financial representative or visit Thrivent.com. Securities and investment advisory services are offered through Thrivent Investment Management Inc. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial. For additional important disclosure information, please visit Thrivent.com/disclosures. Appleton, Wisconsin • Minneapolis, Minnesota • Thrivent.com • 800-THRIVENT (800-847-4836) 27161 N9-11 Thrivent.com 201104455 kyle webb The Lakeway Resort and Spa was purchased at a July 3 foreclosure auction. Amenities Lakeway Resort and Spa amenities: • 174 luxury guest rooms, suites and villas • More than 24,000 square feet of flexible meeting and function space for both business and leisure groups • the san saba spa • a full range of water activities • 24 outdoor tennis courts • two indoor, climate-controlled tennis courts impactnews.com • August 2012 | NEWS | 17 Lake Travis lakeway dr. lakeway Blvd. Your Total Source for Hurst Creek rd. Front Facades • Walkways • Landscapes • Gardens • Decks • Patios • Pools Turn your backyard summer nights into an illuminated oasis WE’LL CUSTOM DESIGN, INSTALL AND MAINTAIN A STUNNING OUTDOOR LIGHTING SYSTEM FOR JUST $1395. REALLY. 7 up-lights or deck lights, 300 watt transformer, wire, installation, labor, plus taxes Call for a Free Design Consultation 512-247-1815 or visit OutdoorLights.com lohmans Crossing rd. 620
Change language