Executive Summary

• Lake Waco is located in the Waco MSA which has a population of 280,428. With over 15 million people residing within a three hour drive, Waco is perfectly centered between Dallas-Fort Worth, Bryan/College Station, and Austin and only a short drive from Houston and San Antonio! Pre-covid, Waco averaged 2.44 million visitors between 2016-2019. In 2022, an estimated 1.9 million people visited Waco, TX. In 2022, local hotel occupancy has outperformed the Texas average by as much as 5%-19%. Providing different lodging choices (glamping, vintage trailers, cabins, houseboats) along with improving the guest experience will be sure to attract some of the nearly 1.9 million people visiting Waco every year!
• Only three marinas exist on this year-round 8,465-acre Corps of Engineer lake and of those three only two are public marinas. Furthermore, only one privately owned RV park currently exists. Also, no boat rentals, ship stores, or restaurants exist giving the new owner an immediate pathway to develop a number of innovative revenue streams in one of the top 15 Texas destinations (according to https://travel.usnews.com/rankings/best-places-to-visit-in-texas/).
• Lake Waco currently has 86 water/electric with the ability to expand to any of the 94 acres. The marina consists of several different types of boat slips, a floating restaurant, and a boat shop. Currently, there are 201 boat slips available at 87% occupancy, but the marina is allotted for 407 allowing for growth as needed.
• For purposes of the pro forma, we made increases in revenue assuming the property will be marketed more broadly, dynamic pricing will be utilized, and leasing the floating restaurant at $2500/month NNN. We made modest increases in revenue for the marina and RV park assuming the increased marketing budget will correlate to increased occupancy.