RREAF Holdings, a real estate developer, has joined forces with Innisfree Hotels, a hotels and resorts operator, to develop a new Margaritaville resort in the city of Galveston, in the US state of Texas.
The partnership has committed to invest more than $250m for the project, which is poised to become one of the largest developments in eastern Galveston.
The new Margaritaville resort will be situated at 317 East Beach Drive. Spanning 300,000ft², the resort will feature 334 rooms.
It is claimed to be designed to offer a variety of attractions including a 2.5-acre elevated water park with views of the beach, four dining venues, a ballroom, and direct beach access.
Guests will have access to a range of leisure facilities such as pickleball courts, a family entertainment centre, and a lazy river.
The adult pool and Margaritaville’s signature food and beverage options will further enhance the guest experience.
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With all necessary approvals from the City of Galveston in place, the groundbreaking is scheduled to take place early in 2024.
Innisfree Hotels president and CEO Ted Ent said: “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.”
The city of Galveston’s tourism industry has experienced a surge, with visitor numbers reaching over eight million in 2022, a 25% increase from the previous year.
The trend is expected to continue, bolstered by the growth of the Houston metro area since 2020, which has made Galveston an increasingly popular destination for local residents seeking leisure activities.
RREAF Holdings CEO Kip Sowden said: “The Galveston market has exponential growth opportunities stimulated by its economy and the evolution of people moving to Texas in the past two years. 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.”