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Lakewood's three greatest hotels were the Laurel House (opened in 1880; closed in 1932), the Lakewood Hotel (opened January 1891, closed in 1925), and the Laurel-in-the-Pines (opened December 1891, burned down in 1967).
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The earliest documented European settlement of the present Lakewood area was by operators of sawmills, from about 1750 forward.
The North Branch of the Metedeconk River forms the northern boundary and part of the eastern boundary of the township, while the South Branch runs through the township.
A southern portion of the township is drained by the north branch of Kettle Creek.
One such sawmill – located at the east end of the present Lake Carasaljo – was known as Three Partners Mill from at least 1789 until at least 1814.