Dallas-based RREAF Holdings LLC, a private real estate investment and development firm, and Innisfree Hotels, a 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 – each are located in one of America’s leading drive-to destination markets, which saw over 1.3 million visitors in 2021.
The portfolio has a total of 225 keys, and the properties sit adjacent to each other. Each hotel is located across the street from one of Florida’s iconic beaches and a few miles from Fernandina’s Historic Downtown.
“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. 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.
“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.”
Photo Courtesy of Amelia Hotel