DALLAS — RREAF Holdings LLC and Innisfree Hotels announced the acquisition of two boutique hotels in Amelia Island, Florida, on Fernandina Beach. Totaling 225 keys, the adjacent properties—Ocean Coast Hotel and Amelia Hotel—are situated in an Atlantic coast drive-to destination that saw over 1.3 million visitors in 2021.
“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,” said Kip Sowden, CEO of RREAF Holdings. “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.
“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. 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.”