Carlyle Group, Dow Hotel Co. Snap Up Texas Lake Resort

Law360, Chicago (July 10, 2012, 3:03 PM ET) -- The Carlyle Group LP said Tuesday it had teamed up with Seattle-based hotel investor The Dow Hotel Co. to purchase the Lakeway Resort and Spa near Austin, Texas, where the new owners said they'd spend more than $5 million to finish renovations.

The companies did not reveal the price of the sale, which was completed by a joint venture between Dow Hotel and Carlyle Realty Partners VI fund. Carlyle sees major growth potential for the 174-room upscale hotel given the ongoing recovery state of the hotel...
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