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RREAF, Innisfree Teaming Up to Build Galveston Resort
Hotel and apartment developer, RREAF Holdings, is pairing up with Innisfree Hotels for a planned Galveston beachside hotel. A public filing indicated the group expects to get started on the 14-story, 334-room resort this month and hope to complete it by January of 2025. The development costs are estimated to be $110 million, which includes a pool deck and an elevated podium with a restaurant, family entertainment center and conference center on 297,824 square feet.
The beach hotel would be Galveston’s 58th hotel. The most recent one, dual-branded Home2Suites/Tru by Hilton, was completed this year. A boutique hotel, Hotel Lucine, is scheduled to open this summer.
The two-company team bought two hotels together in Amelia Island, Florida. Innisfree manages more than 20 hotels, most of them located at or near beaches. RREAF’s portfolio includes $3.5 billion in assets across 14 states, including apartments and hotels throughout the Sunbelt region.
- ◦Development
