TEXAS CITY, Texas--(BUSINESS WIRE)--The Lagoon Development Company, a Houston-based firm, announced a capital raise Monday, May 3, to fund infrastructure improvements for a summer event at Lago Mar’s 12-acre Crystal Lagoons® amenity, raising more than double the capital investment acquired last year.
Investors including DOSH Capital have committed $2.2 million for an expanded Lagoonfest Texas, opening May 28 and continuing Tuesdays through Sundays through Sept. 6. Last year, the event was branded as Summer Lagoonfest, with strategic investors providing $1 million for the event.
“We welcomed more than 48,000 visitors to Summer Lagoonfest 2020, and building on that momentum, we want to offer an even bigger experience to the 150,000 eventgoers expected this year,” said Uri Man, Chief Executive Officer of the Lagoon Development Company. “Because of that success and their return on investment, we were able to attract even more investors — including those who returned for a second year.”
Improvements funded through the capital investments include deepening the beaches to offer approximately triple the amount of white-sand beach, purchasing pop-up bars and restaurants, adding a new facility for sailing and watersports, new air-conditioned restrooms, additional luxury cabanas and furniture, and wristbands that use radio-frequency identification technology for on-site purchases.
“We are excited to be Lagoonfest Texas’s biggest financial partner this year, bringing beach life to thousands of happy families,” said Dotan Sharir, owner of DOSH Capital.
In addition to a floating obstacle course, visitors also will be able to enjoy a five-story waterslide and new boats, kayaks and paddleboards. An electric ferry will sail guests over to a VIP luxury beach, also new this year.
“We will also have Houston’s longest swim-up bar and a stage for concerts, with 10 already planned,” Man said. “What was already a beach destination last year promises to be much bigger and better this year with more activities and entertainment, all thanks to our increased capital investment.”
Admission for Lagoonfest will start at $15 for children under age 13 and $20 for those age 13 and older. Prices are subject to change and will vary based on day of week and demand. Children age 2 and under get in for free. Advance tickets will be on sale starting May 8 at www.LagoonfestTexas.com.
