The Lakeway Resort and Spa in Austin, Texas, is being acquired by Dallas-based Ashford Hospitality Trust for US$33.5m (€29m, £22m) from current owner CRP Dow Lakeway Owner LP.

The deal works out at US$199,000 (€171,000, £131,000) per room, according to Statesman.com, even though the property was valued by Travis Central Appraisal District at US$23.2m (€20m, £15m) in 2014. The sale is expected to close before mid-February.

Built in 1966, the property was expanded in 2001 and again in 2007. Over the past two years, it has undergone renovations costing approximately US$6m (€5m, £4m).

The 168-bedroom property’s San Saba Spa features nine indoor treatment rooms, a dry sauna, male and female relaxation lounges, a private outdoor spa terrace, couples’ massage room with a couples’ shower and spa boutique. There is also a 24-hour fitness centre next to the spa.

Products on sale and in use at the spa are supplied by the following brands: Juice Beauty, La Bella Donna, Whish, Chadsworth & Haig, Luke Adams Glass, Coola, Royal Apothic and Mud Pie.

Dallas-based Remington Lodging has been tapped to manage the hotel by the prospective new owners.

“This acquisition represents an exceptional opportunity considering its significant upside potential,” said Monty J Bennett, Ashford Trust’s chair and CEO.

“With its unique lakefront location in Austin’s northwest corridor and the recent capital investments at the property, the Lakeway Resort and Spa is well positioned within the marketplace to provide best-in-class product and service and capitalise on the tremendous growth that is occurring in Austin."