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Galveston, in particular, is seeing an increase in travelers. The island received more than 8 million visitors in 2022, a 25 percent increase over 2021 and an 11 percent increase over 2019. The Greater Houston Partnership, an economic development organization, dubbed the island’s growth in tourism and hotel development a “hospitality renaissance.”
Private real estate developer RREAF Holdings LLC and beachfront hotel developer Innisfree Hotels will develop the Galveston Margaritaville resort, which they plan to break ground on early this year.
“We had been looking into the Galveston market for some time,” Jim Wiseman, president of development for Margaritaville, told Hotel Dive. “Once RREAF showed us the property, we were very excited. Having metro Houston close by with its millions of people is great for our brand. And the proximity to the beach there is important, so we feel very good about the market.”
The resort will include 334 guest rooms, a 2.5-hectare water park overlooking the beach, four restaurants and a ballroom. The property also offers beach access.
“The Galveston market has exponential growth opportunities spurred by its economy and the evolution of people moving to Texas in the last two years,” said Kip Sowden, CEO of RREAF Holdings, who rated the development of a “well-positioned hospitality asset”.
North Texas, Margaritaville will anchor a $6 billion master-planned community in Preston Harbor on Lake Texoma, according to the Dallas Morning News. The community, developed by Texas firm Craig International, will also include 7,500 homes, retail space, restaurants and a luxury marina.
In a statement, Wiseman said the company is “excited about our continued growth throughout the state of Texas.”
David Craig, founder and CEO of Craig International, said it would be “a monumental project for North Texas and one of the largest land purchases in the history of Grayson County.”
The first initiatives for the community are expected to take place by the end of the year.
A representative of North Texas-based real estate investment firm Horizon Capital Partners told the Dallas Morning News that Margaritaville “has been looking to get into North Texas for years.”
Margaritaville recently opened its first ski resort in South Lake Tahoe, Californiaand at the beginning of last year, a hotel in downtown San Diego. despite the loss of its founder, singer Jimmy Buffett, last yearthe company continues to expand throughout the United States
