Summit Buys 90% Interest in Texas Glamping Operator
Summit Hotel Properties REIT acquired a glamping asset, an 11 unit property in Fredericksburg, Texas, in the middle of the Texas Hill Country wine region. Summit’s 90/10 acquisition of Onera, a high-end glamping company, signals the company’s interest in the fast growing hospitality niche. Glamping is a form of camping involving accommodation and facilities more luxurious than those associated with traditional camping. Nights at the Fredericksburg property run as high at $1,100 a night.
Summit’s Jon Stanner has more, “We believe the demand trends that have elevated glamping from a niche travel market to an institutional asset class are poised to continue their rapid acceleration.” Glamping has been the fastest-growing accommodation segment in the United States, revenues have grown by nearly 9% from 2017 to 2021. Stanner said during an investor call that demand is expected to grow by nearly 15% on a compound annual basis between 2022 and 2030.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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