The Carlyle Group and The Dow Hotel Company Acquire Lakeway Resort and Spa
AUSTIN, Texas/ SEATTLE, Wash.—The Dow Hotel Company (DHC), a Seattle-headquartered hotel owner/investor, today announced that a joint venture between DHC and The Carlyle Group’s Carlyle Realty Partners VI have acquired the Lakeway Resort and Spa near Austin, Texas. In addition, the new owners said they plan to invest more than $5 million to complete a renovation started by the prior ownership group. Operations of the resort will not be affected by the sale. READER COMMENTS
Situated on 12 acres with 1,000 feet of waterfront on Lake Travis in the Texas Hill Country, the AAA Four Diamond resort features 174 guestrooms, suites, and villas. The property offers more than 24,000 square feet of meeting and function space for both business and leisure groups. Resort amenities include the San Saba Spa, a range of water activities, and tennis with 24 outdoor courts and two indoor climate-controlled courts.
“With the hotel industry in the midst of a recovery, we believe the Lakeway Resort has excellent growth potential,” said Thad Paul, managing director of The Carlyle Group, in an announcement. “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.”
Hospitality Funding LLC, a Palm Beach, Fla.-headquartered boutique investment firm, focused on raising equity, mezzanine, and debt financing for hospitality assets, advised the buyer group on the transaction.