US-based Ashford Hospitality Trust has entered an agreement to acquire the 168-room Lakeway Resort & Spa in Austin, Texas, for around $33.5m.

Post closure of the deal, Remington Lodging will manage the property.

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The lakefront property was originally developed in 1966, and underwent major expansions in 2001 and 2007.

"We expect to achieve continued growth in the hotel’s operating performance."

Ashford Hospitality Trust chairman and CEO Monty Bennett said: "With its unique lakefront location in Austin’s north-west corridor and the recent capital investments at the property, the Lakeway Resort & Spa is well-positioned within the marketplace to provide best-in-class product and services and capitalise on the tremendous growth that is occurring in Austin.

"Additionally, with the ability to install our affiliated property manager, Remington Lodging, as the new property manager for the hotel, we expect to achieve continued growth in the hotel’s operating performance."

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Located on the southern bend of Lake Travis, the hotel is close to around 4,400 technology companies in Austin. It features around 24,000ft² of meeting space, comprising 17 meeting rooms and four flexible ballrooms.

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Lakeway also includes four separate buildings with well-equipped guestrooms, full-service spa, 24-hour fitness centre, three swimming pools and full-service restaurant.

In addition, the property controls eight condominium units through a rental pool agreement, and provides access to golf, tennis and the Lakeway Marina.

According to Ashford Hospitality, the deal is expected to be completed within the next 30 days.