Lakeway Resort and Spa purchased by two groups

The Lakeway Resort and Spa has been purchased by a joint venture between The Dow Hotel Co. and The Carlyle Group.

The new owners plan to invest more than $5 million in renovations to the resort, located at 101 Lakeway Drive, according to a July 10 news release. The resort, which had an outstanding loan of about $21 million that was taken out by Behringer Harvard Lakeway, was foreclosed upon on in early July, said John Zimmerman, National Credit Union Administration spokesman.

Thad Paul, managing director of The Carlyle Group said he believes the Lakeway Resort has a strong potential for growth.

"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," he said in a statement.

The new owners plan to upgrade the restaurant and expand its menu, Dow Hotel Co. founder and President Murray Dow II said in a statement.

"Other plans for next year also call for upgrading the ballroom, creating a unique wedding experience space, and refreshing the lobby and corridors," he said in a statement. "When completed, we will have a like-new resort in a stunning destination setting on Lake Travis."

The 174-room Lakeway Resort and Spa opened in 1963.



MOST RECENT

Sade Fashokun was sworn in as a Leander ISD trustee Oct. 21. (Courtesy Leander ISD)
Sade Fashokun sworn in to Leander ISD board

Fashokun has served in PTA leadership, on the School Health Advisory Committee and on the Bond Oversight Committee, according to the district. 

Brandon Cardwell, the district's executive director of facilities and construction, addressed the PfISD board during an Oct. 21 meeting. (Brian Rash/Community Impact Newspaper)
Bohls Middle School within PfISD slated for late December completion

Brandon Cardwell, the district's executive director of facilities and construction, said during the district's Oct. 21 board meeting that much work is still needed on the campus, but he is encouraged by the pace at which crews are operating.

Cumby Group is planning development for three adjacent multifamily projects on Manor Road in East Austin, including The Emma apartments. (Courtesy Cumby Group)
3 years in, Austin is falling behind on goals in affordable housing plan

From 2018-20, the city only reached 12% of its 10-year goal to build thousands of new homes and rental units.

Taco Palenque is now open as drive-thru only in Round Rock. (Brooke Sjoberg/Community Impact Newspaper)
CI NATION ROUNDUP: Taco Palenque opens in Round Rock; Plano ISD considering two draft calendars for 2022-23 school year and more top news

Take a look at the top five trending stories across all of Community Impact Newspaper’s coverage areas as of Oct. 21.

Home construction in the Sweetwater community continues. New homes entering the market have yet to create a balanced market, according to ABoR. (Greg Perliski/Community Impact Newspaper)
As pace of homes sold in west Travis County slows, prices remain higher than the overall metro area

The number of September homes sold in the Lake Travis-Westlake area dropped 30.7% from a year earlier.

Lake Travis ISD trustees Oct. 20 approved communication standards with other area law enforcement. (Grace Dickens/Community Impact Newspaper)
Lake Travis ISD Police Department formalizes communication, coordination with other local police entities

The Lake Travis ISD Police Department is working to educate and integrate into the community.

A calculator created by the Rocky Mountain Institute looks at the environmental impact of TxDOT's proposed designs for I-35 in Central Austin, one of the most congested roadways in the country. (Benton Graham/Community Impact Newspaper)
Nonprofit's tool says TxDOT I-35 expansion proposals would have profound environmental consequences

The tool says that the proposal would create between 255 and 382 million additional vehicle miles traveled per year.

Photo of the Travis County administration building and sign
Travis County hears update on process to reassess master plan for aging correctional facilities

The process comes after county commissioners opted to pause all activities of the master plan over the summer.

Rodeo stock image
Inaugural Williamson County Fair and Rodeo ready to open gates Oct. 21 after coronavirus delay

After the inaugural Williamson County Fair and Rodeo was postponed in 2020, county and fair officials said they are excited to kick off the agricultural celebration.

Renderings of the conceptual tower were shown depicting a roughly 100-foot tower, but the intent is to build a smaller tower. A total of $2.43 million was given as an estimated cost for a 100-foot gravity tower, but presenters said the cost would scale down with a smaller tower. (Courtesy city of Frisco)
CI NATION ROUNDUP: Early concept for Frisco’s Northwest Community Park includes biking tower for ‘gravity riding’; Perky Beans Cafe now open in Leander, and more top news

Take a look at the top five trending stories across all of Community Impact Newspaper’s coverage areas as of Oct. 20.

Eanes ISD increases substitute pay. (Grace Dickens/Community Impact Newspaper)
Eanes ISD votes to increase substitute pay

The Eanes ISD board of trustees voted 5-1-1 to increase substitute pay at its Oct. 19 meeting.

The future of West Austin's Lions Municipal Golf Course depends on the outcome of a city rezoning process and its landowner, The University of Texas. (Ben Thompson/Community Impact Newspaper)
As Austin's rezoning of UT lands continues, time could be running out for Muny course preservation

The historic golf course's future remains unclear amid a city zoning process that could ease the land's redevelopment.