Burnet County Canyon of the Eagles 45.809± Acres |
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Opening to the public in December 1999, Canyon Of The Eagles is the result of a unique public/private partnership between COE and the Lower Colorado River Authority “LCRA”, an Austin based River Authority and quasi state agency. The LCRA owns the 940 acre Canyon Of The Eagles tract with miles of frontage on Lake Buchanan and the Colorado River, Texas’ largest river. The property is located about 1 hour and 15 minutes northwest of Austin and 1 hour and 45 minutes north of San Antonio. COE has a long term Lease on approximately 75 acres of this property. The Lease has a primary term ending in about 42 years on January 29, 2048. In 1999 COE constructed lodge and park facilities on this 75 acre tract. In addition, COE has entered into an Operating Agreement, with the same primary term, whereby COE operates the entire 940 Acre Park property. The agreements with the LCRA allow COE to operate its hospitality and park facilities as a private, for profit, venture that is open to the public. The stated purpose of the Lease Agreement is to make the 75 acres available to COE “for the development and operation of a commercial recreation project”. The essential elements of the Lease Agreement provide that COE must pay the LCRA $20,000 per year in rent, plus a percentage of Annual Gross Revenue over $2,500,000. There are several other important provisions of the agreements that create obligations for COE. Copies of these Agreements will be made available to parties with serious interest. In addition, the LCRA is open to discussing modifications of the agreements based on the overall plan of any new owners. All communication with the LCRA should initially be through COE. FACILITIES The COE project was designed by award winning Lake Flato Architects from San Antonio, Texas. COE owned facilities totaling over 46,000 square feet of improvements include 16- 4 room lodging buildings with a total of 64 rooms. There are three styles of rooms- 20 Lodge Rooms with 2 queen size beds, 22 connecting Cottage rooms with 2 queen size beds, and 22 Cottage Rooms with 1 queen size bed and a window seat/children’s bed. In addition to the 16 lodging buildings, the project includes a unique round swimming pool with running stream, the Eagles Nest Commons room, a large meeting room, lobby with store and office, and the impressive restaurant overlooking Lake Buchanan. These facilities are supported by a maintenance building/laundry and managers house. Below the lodge compound sits the beachfront park store building and the dock for the Vanishing Texas River Cruise “VTRC”. VTRC operates a tour boat operation with about 30,000 passengers per year. Their boats travel upriver to view the splendid Texas Hill Country, numerous waterfalls and seasonally Bald Eagles. Adjacent to the VTRC is the headquarters for Lake Buchanan Adventures “LBA”. LBA operates an outfitting service providing rental kayaks and sailboats plus guided kayak excursions upriver and under the waterfalls. LBA also operates a snack bar seasonally. The final COE owned facility is the Eagle Eye Observatory. This building houses two large telescopes owned by the Austin Astronomical Society. The facility is surrounded by a viewing field with numerous chart tables. This operation has proven to be a big hit with COE guests that have never had the opportunity to professionally star gaze. In addition to the above COE owned facilities, the Park contains a gatehouse, a 25 unit RV park with a restroom/shower building, over 45 campsites, an amphitheatre, and 14 miles of improved trails. Finally, in 2001 the LCRA constructed a modern 3,200 square foot conference building adjacent to the lodge compound. This building can be configured into one large room or divided into three smaller rooms. This structure gives COE up to 4 professional meeting rooms. COE operates and maintains this building and is required to purchase it from the LCRA for $300,000 in 2010. OPERATING RESULTS AND MOTIVATION FOR SALE COE is owned by a diverse group of Texas based investors. While the project has received critical acclaim and excellent weekend/holiday occupancy, the financial results have been disappointing due to low weekday occupancy. Since the property has operated near or above break-even for the last five years, there has been little capital available for FF&E, enhanced marketing efforts, or redirection of the operation. Ownership believes that the beautiful aesthetic nature of the project and its location near the rapidly growing cities of Austin and San Antonio offer an excellent opportunity for an owner with capital and vision. The historical results provide a reliable base of high-rated business to build upon. Please visit the lodge's website: www.canyonoftheeagles.com for more detailed infomation on the facilities. This is a unique opportunity, contact us for more information! | |
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