AUSTIN – Ashford Hospitality Trust has agreed to acquire the 168-room Lakeway Resort & Spa in Austin for a total consideration of $33.5 million or $199,000 per key.
Located on the shore of Lake Travis, the hotel features 24,000 square feet of meeting space. The acquisition is expected to close within the next 30 days, said Ashford, a Dallas-based REIT.
Upon closing, the property will be managed by Remington Lodging.
The hotel achieved RevPAR of $108.67, with occupancy of 62.5 percent and an Average Daily Rate of $173.87.
Originally developed in 1966, the Lakeway Resort & Spa underwent major expansions in 2001 and 2007 which significantly increased the size of the property.
The Lakeway Resort & Spa recently benefitted from capital improvements of $6 million ($36,000 per key) over the past 24 months including a complete renovation of the guestrooms
Amenities include a full-service spa, 24-hour fitness center, three swimming pools, a full-service restaurant overlooking Lake Travis, as well as proximate access to golf, tennis and the Lakeway Marina.