Source Strategies recently completed a financial feasibility study, at the request of the City of Lago Vista, identifying a very promising location for a new hotel. Lago Vista is one of the last towns in the Austin Metro area without a hotel.
In July, Lago Vista city staff reached out to Source Strategies, who had previously authored two studies for the city. The City of Lago Vista is home to a number of short-term second home vacation rentals as well as a number of condos located throughout the City. The need for a hotel was highlighted during the city’s Comprehensive Plan 2030 process.
Several locations within the city were examined and the main thoroughfare of FM 1431 was deemed the most likely site due to its high visibility within the central business district, easy access from nearby traffic corridors and convenient to many businesses, restaurants and other amenities.
Source Strategies President Todd Walker presented his finding to the Lago Vista City Council on December 1st. Mr. Walker notes:
This is a unique opportunity to develop a vibrant new business from the ground up that will be an anchor for the entire Lago Vista community.
With any Feasibility Study, Source Strategies looks at a variety of factors about the specific project, the wider surrounding market and overall market conditions. The Austin metropolitan area is one of the most dynamic in the Texas lodging industry, with four of the top ten hotels in the state.
Take a look at the entire study, Limited or Select Service Hotel – Lago Vista, Texas 78645, to see for yourself. Contact Source Strategies if you are interested in this opportunity and we can advise you how to proceed.