RREAF Holdings and Innisfree Hotels Announce Partnership to Develop Brand-New Margaritaville Resort on Galveston Beach

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Jan 23, 2024, 09:00 ET

The beachfront resort project showcases the advantage of developing in markets where demand is outpacing supply

DALLAS, Jan. 23, 2024 /PRNewswire/ -- RREAF Holdings LLC, a private real estate development firm, today announced its partnership with Innisfree Hotels, a best-in-class operator of beachfront hotels and resorts in the Southeastern United States, to develop a brand-new Margaritaville resort in Galveston, Texas.

The deal totals just over $250 million and is located at 317 East Beach Drive. Once complete, the resort will occupy 300,000 square feet, making it one of the largest developments in eastern Galveston. The property will feature 334 rooms and include offerings such as a 2.5-acre elevated water park overlooking the beach, four restaurants, a ballroom, direct beach access, and more. RREAF Holdings has secured all the required approvals from the City of Galveston and will break ground in early 2024.

"The Galveston market has exponential growth opportunities stimulated by its economy and the evolution of people moving to Texas in the past two years," said Kip Sowden, CEO of RREAF Holdings. "We are honored to work with such distinguished companies as Innisfree Hotels and Margaritaville. With best-in-class management and highly amenitized options for our customers, we are offering a premier experience in a well-positioned hospitality asset for a fruitful future."

Galveston saw an economic boom in 2022 with over 8 million visitors, an increase of 25 percent from 2021 with expectations for even more growth this year. Additionally, the Houston metro area has continued to grow since 2020 making Galveston an attractive drive-to leisure destination for residents.

"The City of Galveston staff has been great to work with and we are looking forward to continuing the relationship as we develop this world-class project on Galveston Beach," said Carl Schwab, President of RREAF Development Services. "Once we break ground in early 2024, our teams will work diligently to build and execute a resort that meets consumer demand in Galveston."

"This is our fifth joint venture and ninth beachfront hotel with RREAF Holdings which exemplifies our successful commitment to adding premier developments to growing local, hospitality markets like Galveston," said Ted Ent, President and CEO of Innisfree Hotels.

The resort will feature a wide array of amenities including pickleball courts, a family entertainment center, a lazy river along with an adult pool, and signature Margaritaville food and beverage offerings.

"In Texas, every road leads to a new adventure. Our Lone Star journey started with opening our office in Dallas and traveled to our destinations in Lake Conroe, the South Coast, and beyond. With this resort and additional lodging destinations, communities and cottages coming soon, more of these turns in the road will lead to fun, escapism, and our iconic state of mind," said Jim Wiseman, President of Development at Margaritaville.

For more information, please visit: rreaf.com/ and margaritavilleresorts.com/margaritaville-beach-resort-galveston.

About RREAF Holdings
RREAF Holdings LLC ("RREAF") is a privately held, vertically integrated commercial real estate company based in Dallas, Texas, with roots that go back 37 years in the industry. RREAF focuses its portfolio of commercial real estate projects and development under five main divisions catering primarily to middle America with its programmatic value-add multifamily acquisitions, opportunistic hospitality and resort acquisitions, core ground-up development, large and highly amenitized master planned developments, acquisition / re-development of RV Resort Communities, Student Housing, and its ground-up extended stay hospitality development division.

RREAF and its subsidiary companies employ over 450 people directly and many thousand indirectly, mainly across the Sun Belt region, handling a wide range of commercial real estate investment matters, including in-house underwriting, due diligence, capital markets, acquisition, asset management, property management, construction management, project development, accounting, and legal support. RREAF and its debt and equity partners have built a diversified portfolio in its core competencies in excess of $4.5 billion in assets under management, across 15 states. Winner of the 2021 and 2022 Multifamily Operator of the Year Award and selected as an Optigo^® 2022 and 2023 Select Sponsor, RREAF values its impact on local communities. RREAF's mission is to enhance the lives of its investors, partners, residents, and guests by providing outstanding service, excellence, and expertise with integrity, vision, values, and purpose. For more information, please visit www.rreaf.com.

About Innisfree Hotels
For more than three decades, Innisfree Hotels has expertly developed and managed dozens of hotels in partnership with many of the world's most-recognized hospitality brands. Today, the company owns or manages more than 27 hotel properties — about 3,500 rooms — and employs approximately 2,000 people. Innisfree is the largest beachfront hotel owner-operator on the Gulf Coast. As a triple-bottom-line company, Innisfree measures success not only in profits but also through its impact on people and the planet. Innisfree, which has about $800 million of assets under management and $180 million in annual hotel revenue, was named one of Hotel Business' top management companies and top owners & developers in 2022. For more information, visit innisfreehotels.com.

About Margaritaville
Margaritaville, a state of mind since 1977, is a global lifestyle brand inspired by Jimmy Buffett, whose songs evoke a passion for tropical escape and relaxation.

Margaritaville features over 40 lodging locations and over 20 additional projects in the pipeline positioned across a variety of full-service and boutique hotel and resort brands, branded real estate, premium RV destinations, and gaming properties, all complemented by an extensive suite of food and beverage concepts, including Margaritaville Restaurant, award-winning JWB Prime Steak and Seafood, 5 o'Clock Somewhere Bar & Grill, and LandShark Bar & Grill. Hotel brands include Margaritaville Hotels & Resorts, Compass by Margaritaville, Margaritaville Beach House, Margaritaville St. Somewhere, and the all-inclusive product, Margaritaville Island Reserve. Further elevating experiences, Margaritaville's branded real estate includes Latitude Margaritaville, "55 and better" active adult brand; Margaritaville Cottages, Villas and Residences; One Particular Harbour Margaritaville; and Margaritaville Vacation Club by Wyndham.

The newest brand additions to Margaritaville's properties includes the rapidly-growing Camp Margaritaville RV Resorts and Margaritaville at Sea, which debuted in 2022 with its first ship, Margaritaville at Sea Paradise. Additionally, consumers can escape every day through a collection of lifestyle products including apparel, footwear, frozen concoction makers, home décor, a SiriusXM radio station, and more.

More than 20 million travelers and consumers every year change their latitude and attitude with Margaritaville. For more information, visit www.margaritaville.com and follow Margaritaville on Facebook, Twitter and Instagram

Media Contacts:

RREAF Holdings
[email protected]

Innisfree Hotels
[email protected]

Margaritaville
[email protected]

SOURCE RREAF Holdings LLC