A newly signed settlement will lead the way to the development of a hotel at Lake Texoma. The Commissioners of the Land Office (CLO) and Pointe Vista Development, LLC, negotiated the agreement over the area where the Texoma State Lodge once stood.
Governor Fallin praised the settlement.
“The settlement negotiated by the Commissioners of the Land Office represents a significant step forward in achieving our goal to secure a second developer with hotel development and operational experience to create jobs and revenue for southern Oklahoma, along with building on this beautiful piece of property once home to the popular Lake Texoma Lodge. As a result of this settlement, we are now free to move forward to bring positive economic activity to the area while maintaining the beauty of the site,” said Fallin. “I am very pleased we have reset the opportunity and am optimistic that a development beneficial to the area’s economy, residents and tourists can be built sooner rather than later.”
The deal between Pointe Vista and the CLO in 2006 began to unravel when the economic recession of 2008 hit. CLO filed a lawsuit against Pointe Vista in 2013 for a lack of progress on the development deal.
Pointe Vista will continue to have certain development opportunities while managing the marina and concessions for the Tourism Department. The CLO bought back 50 prime acres for the hotel and other amenities to be developed.
“We are glad the parties to this settlement were able to reach a mutually agreeable and amicable resolution. This resolution allows us to shift our focus on operating the golf course and marina as well as consider future development opportunities for our substantial real estate position at Texoma,” said Scott Fischer, chief operating officer of Pointe Vista Development.
