American Vantage Cos. is negotiating to buy the 97-room Adventure Inn and other improvements positioned on eight acres at Horseshoe Bay. The current owner is Horseshoe Bay Resort Holdings Inc.
American Vantage, in a news release, says the Adventure Inn and property is adjacent to land where it wants to build a 250-room hotel and conference center. A major hotel chain would operate the hotel and resort, the company says.
Horseshoe Bay, on Lake LBJ, is a popular vacation, second home and conference destination for Texans in Dallas, Houston, Austin and San Antonio. The development covers 5,500 acres over 10 square miles and features several highly rated golf courses.Audrey Tassinari, American Vantage's executive vice president, declines to elaborate on the publicly traded company's plans at Horseshoe Bay. She tells GlobeSt.com that the release was issued to satisfy US Security and Exchange Commission regulations.
American Vantage has hired the investment firm A.G Edwards & Sons Inc. to advise it in the negotiations. Real estate appraisal company HVS International will make an evaluation of the Adventure Inn and property for American Vantage.
The Adventure Inn is one of several lodging operations at the resort. It has one-, two- and three-bedroom units with large living areas and Jacuzzi baths.
The resort development would be something of a new direction for America Vantage, which has been divesting its restaurant and employment services businesses. It also had been a consultant to a casino operator. In June, the company had reported a loss of $322,000, 7 cents a share, for its third fiscal quarter ending April 30. For the same quarter in 200, it had reported a $610,000 loss or 12 cents per share.
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