The 239-room Lakeway Inn will undergo an extensive re-development and re-positioning over the next 12-18 months.  "Lakeway Inn Conference Resort is brimming with potential," said Jon Dooley, Behringer Harvard's senior vice president of real estate.  "We are committed to restoring it to a level of prominence that will enable it to effectively compete with the major four- and five-star resorts in the region."

Dolce International is returning as the management company.  Dolce managed Lakeway from 1985 until 2002.   Andy Dolce, Chairman and CEO, said, "We are thrilled to return to Lakeway and partner with Behringer Harvard to realize our shared vision of a premier Texas Resort and Conference Destination."

Occupying just over 16 acres, Lakeway Inn encompasses some of the most valuable real estate in Texas on the shores of Lake Travis.  Often referred to as the crown jewel of the Texas Riviera, the historic Inn has long been a preferred meeting and vacation spot for Texans, especially those coming from Houston and Dallas. 

Presently the Inn has 239 guest rooms in the six-story hotel tower and guest cottages.  The property offers 20,000 square feet of meeting space, a full restaurant, and cocktail lounge/game room.  Guests can enjoy golf, water activities, tennis and many other activities offered throughout the growing Lakeway community.

"Having the right marketing and operating partner at Lakeway is instrumental to the development meeting our investment objectives," said Robert Behringer, chairman and CEO of Behringer Harvard.  "We felt Dolce's prior experience with Lakeway and years of success with similar high quality properties made them an obvious choice for this key assignment."

Lakeway Inn is located 18 miles west of Austin and is a 40-minute drive from Austin Bergstrom International Airport.  In addition to Lakeway Inn, Dolce's current Texas portfolio consists of American Airlines Training & Conference Center in Dallas/Fort Worth and The Warwick in Houston.

About Behringer Harvard:
Behringer Harvard is a national real estate investment sponsor offering a family of institutional-quality real estate investment products to the public through the independent broker dealer community.  The company's products include public and private non-listed REITs, real estate limited partnerships, 1031 exchange and other real estate investment programs that generally invest in institutional quality commercial real estate. Its finite-life, non-listed funds offer their securities in best efforts public and private offerings and seek to produce attractive returns to their investors through a balance of current yield and capital appreciation. Behringer Harvard is headquartered in the Dallas suburb of Addison, Texas, and is one of the nation's fastest growing real estate investment firms.  For more information, call (866) 655-3600 or visit www.bhfunds.com.

About Dolce International:
Dolce International is the world leader in conference center hospitality, with a collection of 28 unique properties in the United States, Canada and Europe. The portfolio consists of all six types of conference centers recognized by the International Association of Conference Centers (IACC): resort, executive, corporate, university, hotel and day meeting centers. Headquartered in Montvale, New Jersey and Paris, France, the company has approximately 4,000 employees.