RREAF Holdings in Partnership with Innisfree Hotels Acquires Two Boutique Hotels in Amelia Island, Florida
Paul Bergeron, Globe St., 06 June 2022
Amelia Island is one of America's leading drive-to destinations with over 1.3 million visitors a year
DALLAS, June 21, 2022 /PRNewswire/ -- RREAF Holdings LLC, a private real estate investment and development firm based in Dallas, and Innisfree Hotels, a premier coastal hotel operator in the southeast, today announced the acquisition of two boutique hotels in Amelia Island, Fla., on Fernandina Beach. The properties — Ocean Coast Hotel and Amelia Hotel — are situated in one of America's leading drive-to destination markets, which saw over 1.3 million visitors in 2021.
The portfolio has 225 keys, and the properties sit adjacent to each other. The hotels are ideally located across the street from one of Florida's iconic beaches and a few miles from Fernandina's Historic Downtown. This market is well-positioned to capture pent-up travel demand of millions of Americans who live within a one-day drive of the Atlantic coast. Amelia Hotel is located at 1997 Fletcher Ave., and Ocean Coast Hotel is located at 2707 Sadler Rd.
"In the past year, we have more than doubled our hotel portfolio in our drive-to leisure division increasing our beachfront hotel properties to nine with more than 1,100 rooms. We will continue to expand the hospitality side of RREAF through acquisitions and development. Both these properties on Amelia Island fit perfectly within our growing hospitality and resort business model," said Kip Sowden, CEO of RREAF Holdings. "We are opportunistic buyers and believe now is a good time to buy and develop as consumers are eager to get out and travel post-COVID. Our drive-to leisure hospitality assets continue to show very strong results and that trend is expected to continue even with inflationary pressure. We currently have two beachfront resort properties under development that will add an additional 550 rooms to our Beachfront Hospitality and Resort division. Affordable family friendly vacation spots, such as Amelia Island, should continue to outpace other sectors in the hospitality space."
During the acquisition process, RREAF partnered with Innisfree Hotels, which will manage the properties. Innisfree is a best-in-class operator of beachfront hotels and resorts in the Southeastern United States. The hotels present immediate upside potential through professional management. The sponsors look forward to welcoming guests to a new experience in the near future. RREAF also anticipates driving top-line revenue and occupancy with Innisfree's experienced management and marketing.
"We're very pleased to add these stunning properties to the Innisfree Hotels portfolio, in partnership with RREAF Holdings," said Innisfree President and CEO Ted Ent. "Amelia Island's Fernandina Beach is a picture-perfect location for a family getaway or conference destination, and we are eager to provide our guests with a world-class experience and genuine Innisfree hospitality."
With white-powder sand and stunning ocean views, hotel guests can experience one of Florida's most relaxing vacation spots. Both properties supply first-class amenities at affordable rates, including complimentary breakfast, nature trails, large outdoor pool and hot tub, pet-friendly rooms for cats and dogs, sports courts and equipment, bikes, beach wagons, beach chairs, and more.
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 35 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 and its ground-up extended stay hospitality development division.
RREAF employs over 375 people, mostly 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, along with its debt and equity partners, has built a diversified portfolio in its core competencies in excess of $3.5 billion in assets, across 14 states, under management. Winner of the 2021 Multifamily Operator of the Year Award and selected as an Optigo® 2022 Select Sponsor, RREAF values the impact that it has 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 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 hotel brands. Today, the company owns or manages 3,470 hotel rooms and employs approximately 2,000 people. Innisfree is the largest beachfront hotel owner-operator on the Gulf Coast, with 14 Gulf-front properties totaling 2,128 rooms.
Innisfree is a triple bottom line company, measuring success not only in profits but also through its impact on people and on the planet. To these ends, Innisfree strives to promote a culture of responsibility and service to humanity. A value-driven corporate culture enables the company to have a deeper understanding of the needs of its guests, partners and clients, resulting in service that ensures fun and memorable experiences.
In 2019, Innisfree was ranked as one of the nation's top Management Companies and top Owners & Developers by Hotel Business, the No. 1 hotel industry information source according to Harvey Research.
SOURCE RREAF Holdings LLC