LAKEWAY RESORT AND SPA IN AUSTIN SELLS

AUSTIN — Seattle-based The Dow Hotel Company, in a joint venture with The Carlyle Group's Carlyle Realty Partners VI, has acquired the 174-room Lakeway Resort and Spa, a AAA Four Diamond resort located at 101 Lakeway Drive in Austin. The resort is situated on 12 acres with 1,000 feet of waterfront on Lake Travis. The facility features villas, 24,000 square feet of meeting and function space, the San Saba Spa, a full range of aquatic activities, 24 outdoor tennis courts and two indoor tennis courts that are climate-controlled. Palm Beach, Fla.-based Hospitality Funding advised the buyers on the transaction. The buyers plan to complete a $5 million renovation that was started by the previous ownership group. The renovation includes updating the guest rooms, ballroom, bathrooms, lobby and corridors.