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AUSTIN, Texas--(BUSINESS WIRE)--Nov 17, 2022--
Summit Hotel Properties (NYSE: INN) has announced a partnership with Onera Escapes starting with the acquisition of a 90 percent joint venture interest in Onera Fredericksburg, a premium landscape hotel (glamping) asset located in Texas wine country, as well as a 90 percent interest in an adjacent land parcel for future expansion.
The partnership marks the first ever standalone glamping investment from a public REIT in the fast-growing segment, which has a 14 percent 1 forecasted revenue CAGR from 2022-2030, and represents a major step in the maturation of the alterative accommodation market to the institutional level.
The transaction represents Summit’s first investment with Onera Escapes, a developer and operator of hotels, glamping/landscape hotels and short-term rental hospitality properties, to develop and acquire high-end glamping/landscape hotel assets in strategic locations nationally.
“Our labor-light, highly efficient operating model, supported by our sophisticated technology-driven operating platform, is built to maximize both real estate owner and guest satisfaction,” said Jon Cole, CEO of Onera Escapes and its management arm, Azri Group. “Through our partnership with Summit we are institutionalizing alternative hospitality, like glamping, as an institutional asset class, and we look forward to working together to make this exciting segment of the real estate market available to a broader range of investors, developers, and property owners.”
Onera Fredericksburg opened in November 2021 with all temperature-controlled units featuring a private bathroom and kitchen. Many units have a private patio and hot tub, and all units have access to common area amenities, including a pool, sun deck, fire pits and a sauna. It is located within walking distance of Fredericksburg’s historic main street in the epicenter of the Texas Hill Country wine region and just 90 minutes west of Austin.
Financial details were not disclosed.
1 U.S. Glamping industry revenue CAGR. Source: Grand View Research, Glamping Market Size, Share & Trends Analysis Report
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly traded real estate investment trust focused on owning premium-branded hotels with efficient operating models primarily in the Upscale segment of the lodging industry. As of September 30, 2022, the Company's portfolio consisted of 102 hotels, 61 of which are wholly owned, with a total of 15,323 guestrooms located in 24 states.
For additional information, please visit the Company's website, www.shpreit.com, and follow the Company on Twitter at @SummitHotel_INN.
About Onera Hospitality
Based in Austin, Onera is developer, owner and operator of over 300 glamping, alternative stay properties and hotels in 29 markets across the United States and Mexico ranging from core urban to leisure destination accommodations. Onera focuses on guest experience and builds on the technology and tools of its management arm, Azri Group. The Onera team is comprised of experienced professionals with backgrounds in hospitality real estate, consulting, technology, investment banking, and law.
For more information about Onera, please visit: stayonera.com
For more information about Azri Group, Onera’s management and development arm, please visit: stayazri.com
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CONTACT: Brendan Terry
brendant@lansons.com
KEYWORD: TEXAS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY LODGING REIT TRAVEL
SOURCE: Onera Hospitality
Copyright Business Wire 2022.
PUB: 11/17/2022 01:00 PM/DISC: 11/17/2022 01:02 PM
http://www.businesswire.com/news/home/20221107005880/en