In the 1930s, William Lewis Moody, Jr. of Galveston, Texas bought the hotel. In 1938, Moody replaced the wooden hotel with the current structure, built using stone native to the surrounding land. Moody's daughter, Mrs. Mary Moody Northen, owned the hotel until her death in 1986, following which the trustees of her estate established a foundation known as the Mary Moody Northen Endowment, which presently maintains and operates the resort. The foundation was specifically established according to Mrs. Northen's final wishes to maintain the hotel and surrounding land as she had always known it, without overbuilding and, particularly, without significantly changing the resort or upsetting the delicate ecology of the beautiful surrounding land. For most of its life as a resort, Mountain Lake Hotel was open from late spring through early fall, however, shortly after the establishment of the trust, the resort began operating year-round. Currently, it is open from early May to late November and operated by 1859 Historic Hotels Inc., a hotel management company controlled by the Moody Foundation, an entity separate from the Mary Moody Northen Endowment.