AUSTIN (KXAN) – A popular tourist spot overlooking Lake Travis is under new ownership.

Comanche Acquisitions bought out Beau Theriot and his interests in Oasis, Texas and the surrounding properties. This inludes any potential condominium, office and hotel sites that may be part of future development.

“We are excited to see these amazing assets come together under a new ownership vision,” said Rob Axelson, a spokesman for the new owners.  “It is one of the most famous pieces of real estate in one of the best markets in the country.”

Oasis, Texas is located 450 feet above Lake Travis and started as a burger joint in 1982 before expanding into a village of retail stores.

“The new ownership group has the ability to really make Oasis, Texas special,” Axelson said. “They will begin immediately with a full build out of the retail and office suites so that they will be ready for occupancy.”