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 percent1 forecasted revenue CAGR from 2022-2030, and represents a major step in the maturation of the alterative accommodation market to the institutional level.
