Private real estate development firm, RREAF Holdings has announced its partnership with Innisfree Hotels to develop a new $110 million Margaritaville
resort in Galveston, Texas.
Part of the ever-expanding beloved brand, the beachfront venue, breaking ground in early 2024, will encompass
300,000 square feet, making it one of the largest developments in eastern
Galveston. The property will feature 334 rooms and include a 2.5-acre elevated
water park overlooking the beach, four restaurants, a ballroom, direct beach
access and more.
The Margaritaville 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.
“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, in a statement. “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.”
In 2022, Galveston, a premier cruise port, saw an economic boom 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,” added 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.”
Ted Ent, President and CEO of Innisfree Hotels said in a
statement: “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.”
“In Texas, every road leads to a new adventure. Our Lone
Star journey started with an office in Dallas and traveled to 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.
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