Summit Hotel Properties 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 (also known as “glamping,” or glamorous camping) asset located in Texas wine country, as well as a 90 percent interest in an adjacent land parcel for future expansion.
Financial details were not disclosed.
The partnership marks the first ever standalone glamping investment from a public REIT in the fast-growing segment, which has a 14 percent forecasted revenue CAGR from 2022 to 2030 and represents a major step in the maturation of the alternative accommodation market to the institutional level, according to Grand View Research’s Glamping Market Size, Share & Trends Analysis Report.
The transaction represents Summit’s first investment with Onera Escapes, a developer and operator of hotels, glamping/landscape hotels and short-term rental hospitality prope