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RREAF Holdings and Innisfree Hotels Announce Partnership to Develop Brand-New Margaritaville Resort on Galveston Beach

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DALLAS, Jan. 23, 2024 /PRNewswire/ — RREAF Holdings LLC, a private real estate development firm, today announced its partnership with Innisfree Hotels, a best-in-class operator of beachfront hotels and resorts in the Southeastern United States, to develop a brand-new Margaritaville resort in Galveston, Texas.

The deal totals just over $250 million and is located at 317 East Beach Drive. Once complete, the resort will occupy 300,000 square feet, making it one of the largest developments in eastern Galveston. The property will feature 334 rooms and include offerings such as a 2.5-acre elevated water park overlooking the beach, four restaurants, a ballroom, direct beach access, and more. RREAF Holdings has secured all the required approvals from the City of Galveston and will break ground in early 2024.

“The Galveston market has exponential growth opportunities stimulated by its economy and the evolution of people moving to Texas in the past two years,” said Kip Sowden, CEO of RREAF Holdings. “We are honored to work with such distinguished companies as Innisfree Hotels and Margaritaville. With best-in-class management and highly amenitized options for our customers, we are offering a premier experience in a well-positioned hospitality asset for a fruitful future.”

Galveston saw an economic boom in 2022 with over 8 million visitors, an increase of 25 percent from 2021 with expectations for even more growth this year. Additionally, the Houston metro area has continued to grow since 2020 making Galveston an attractive drive-to leisure destination for residents.

“The City of Galveston staff has been great to work with and we are looking forward to continuing the relationship as we develop this world-class project on Galveston Beach,” said Carl Schwab, President of RREAF Development Services. “Once we break ground in early 2024, our teams will work diligently to build and execute a resort that meets consumer demand in Galveston.”

“This is our fifth joint venture and ninth beachfront hotel with RREAF Holdings which exemplifies our successful commitment to adding premier developments to growing local, hospitality markets like Galveston,” said Ted Ent, President and CEO of Innisfree Hotels.

The resort will feature a wide array of amenities including pickleball courts, a family entertainment center, a lazy river along with an adult pool, and signature Margaritaville food and beverage offerings.

“In Texas, every road leads to a new adventure. Our Lone Star journey started with opening our office in Dallas and traveled to our destinations in Lake Conroe, the South Coast, and beyond. With this resort and additional lodging destinations, communities and cottages coming soon, more of these turns in the road will lead to fun, escapism, and our iconic state of mind,” said Jim Wiseman, President of Development at Margaritaville.

For more information, please visit: rreaf.com/ and margaritavilleresorts.com/margaritaville-beach-resort-galveston.   

About RREAF Holdings
RREAF Holdings LLC (“RREAF”) is a privately held, vertically integrated commercial real estate company based in Dallas, Texas, with roots that go back 37 years in the industry. RREAF focuses its portfolio of commercial real estate projects and development under five main divisions catering primarily to middle America with its programmatic value-add multifamily acquisitions, opportunistic hospitality and resort acquisitions, core ground-up development, large and highly amenitized master planned developments, acquisition / re-development of RV Resort Communities, Student Housing, and its ground-up extended stay hospitality development division.

RREAF and its subsidiary companies employ over 450 people directly and many thousand indirectly, mainly across the Sun Belt region, handling a wide range of commercial real estate investment matters, including in-house underwriting, due diligence, capital markets, acquisition, asset management, property management, construction management, project development, accounting, and legal support. RREAF and its debt and equity partners have built a diversified portfolio in its core competencies in excess of $4.5 billion in assets under management, across 15 states. Winner of the 2021 and 2022 Multifamily Operator of the Year Award and selected as an Optigo® 2022 and 2023 Select Sponsor, RREAF values its impact on local communities. RREAF’s mission is to enhance the lives of its investors, partners, residents, and guests by providing outstanding service, excellence, and expertise with integrity, vision, values, and purpose. For more information, please visit www.rreaf.com.

About Innisfree Hotels
For more than three decades, Innisfree Hotels has expertly developed and managed dozens of hotels in partnership with many of the world’s most-recognized hospitality brands. Today, the company owns or manages more than 27 hotel properties — about 3,500 rooms — and employs approximately 2,000 people. Innisfree is the largest beachfront hotel owner-operator on the Gulf Coast. As a triple-bottom-line company, Innisfree measures success not only in profits but also through its impact on people and the planet. Innisfree, which has about $800 million of assets under management and $180 million in annual hotel revenue, was named one of Hotel Business’ top management companies and top owners & developers in 2022. For more information, visit innisfreehotels.com. 

About Margaritaville
Margaritaville, a state of mind since 1977, is a global lifestyle brand inspired by Jimmy Buffett, whose songs evoke a passion for tropical escape and relaxation. 

Margaritaville features over 40 lodging locations and over 20 additional projects in the pipeline positioned across a variety of full-service and boutique hotel and resort brands, branded real estate, premium RV destinations, and gaming properties, all complemented by an extensive suite of food and beverage concepts, including Margaritaville Restaurant, award-winning JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill, and LandShark Bar & Grill. Hotel brands include Margaritaville Hotels & Resorts, Compass by Margaritaville, Margaritaville Beach House, Margaritaville St. Somewhere, and the all-inclusive product, Margaritaville Island Reserve. Further elevating experiences, Margaritaville’s branded real estate includes Latitude Margaritaville, “55 and better” active adult brand; Margaritaville Cottages, Villas and Residences; One Particular Harbour Margaritaville; and Margaritaville Vacation Club by Wyndham. 

The newest brand additions to Margaritaville’s properties includes the rapidly-growing Camp Margaritaville RV Resorts and Margaritaville at Sea, which debuted in 2022 with its first ship, Margaritaville at Sea Paradise. Additionally, consumers can escape every day through a collection of lifestyle products including apparel, footwear, frozen concoction makers, home décor, a SiriusXM radio station, and more. 

More than 20 million travelers and consumers every year change their latitude and attitude with Margaritaville. For more information, visit www.margaritaville.com and follow Margaritaville on FacebookTwitter and Instagram

SOURCE RREAF Holdings LLC

Daily News

Spotify Price Increase: What to Know About Higher Music Download Service Fees

“Spotify raises prices for music download services, introducing new features and tiers. The music keeps playing, with an enhanced listening experience!”

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photo of woman wearing white headphones. "Image: Spotify logo with a price tag overlay, representing the price increase for their music download services."
Photo by Sound On on Pexels.com


Music streaming giant Spotify has shaken up the industry once again with its recent announcement of raising prices for its music download services. In this blog post, we will explore the details of the price increase, its potential impact, and the new features Spotify plans to introduce. Let’s dive in!

The Price Changes:
According to a Bloomberg report, Spotify will be increasing prices in the United States, as well as in various international markets. Individual plans are anticipated to rise by approximately $1 per month, while family plans will see a $2 increase. These changes come as Spotify aims to better serve its diverse user base.

New Pricing Tiers and Features:
In addition to the price hike, Spotify plans to introduce new pricing tiers and services. One exciting possibility is the inclusion of a higher audio quality option. Audiophiles and music enthusiasts will likely appreciate the enhanced listening experience this feature brings forth.

The Reason Behind the Price Increase:
As technology and licensing costs continue to rise, it’s no surprise that Spotify must adjust its pricing to ensure sustainability and continue offering a top-notch music streaming experience. The company consistently seeks to strike a delicate balance between providing affordable access to music and fair compensation for artists.

Impact on Users:
While any price increase can be an unwelcome change, it is crucial to consider the value Spotify brings to the table. With millions of songs at your fingertips, personalized playlists, and groundbreaking algorithms that recommend music you’ll love, the platform remains an extraordinary resource for music lovers.

Alternatives to Consider:
If the price increase has you rethinking your music streaming subscription, it’s important to remember that there are several other streaming services available in the market. Platforms like Apple Music, Amazon Music, and YouTube Music all offer unique features and vary in pricing. It’s worth exploring these alternatives to determine which one aligns best with your needs and budget.

The Bigger Picture:
As digital music consumption continues to evolve, it’s essential to recognize the efforts Spotify makes to support artists and drive the music industry forward. Despite the increase in pricing, Spotify remains committed to nurturing talented musicians, ensuring a platform for creativity, and connecting artists with their fans.

Ultimately, Spotify’s pricing adjustment reflects the constant evolution of the music streaming landscape. While price increases are never easy to digest, it is vital to appreciate the immense value Spotify provides to millions of users worldwide. As Spotify rolls out these changes and introduces new features, we can look forward to an even better music streaming experience. So, open your playlist, turn up the volume, and let the music continue to inspire and uplift you on Spotify!

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Business and Finance

Pickleball Growth & Outdoor Sports Gear: Insights from Escalade’s Financials

Explore how Escalade’s financial report affects pickleball gear innovation and availability in the outdoor sports industry.

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Pickleball Growth?

Escalade, Inc. (NASDAQ: ESCA) has recently announced its fourth quarter and full-year 2023 results. While net sales saw a decrease, there were improvements in gross margin and operating income.

These results have implications for outdoor sports, including pickleball – a fast-growing recreational activity. Let’s dive into what this means for the world of outdoor sports and how it may impact pickleball enthusiasts.

In the fourth quarter of 2023, Escalade reported a decline in net sales by 9.2%, primarily due to softer consumer demand across most product categories. However, there was also improved demand in the basketball and indoor games categories. Despite the decrease in net sales, Escalade saw positive developments in gross margin, which increased by 192 basis points compared to the prior year’s quarter. This improvement was driven by price discipline, a favorable sales mix, and reduced costs of freight and storage.

For the full year 2023, Escalade experienced a decrease in net sales by 16.0%. However, gross margin only declined by 3 basis points, indicating some resilience in maintaining profitability. Operating income saw a larger decline of 32.3%, reflecting the challenging market conditions. Nevertheless, Escalade generated significant cash flow from operations, with a substantial increase compared to the prior year.

What does this mean for outdoor sports, particularly pickleball? While Escalade manufactures and distributes a variety of sporting goods and recreational equipment, their Onix brand focuses on pickleball. The financial performance of Escalade has the potential to impact the availability and innovation of pickleball equipment and products. As Escalade continues to navigate the current macroeconomic environment, it will prioritize reducing debt while investing in its brands and product portfolio.

Pickleball, a paddle sport that combines elements of tennis, badminton, and table tennis, has been growing in popularity, especially among older adults. As more individuals embrace outdoor activities, the demand for pickleball equipment is likely to continue increasing. By closely monitoring the financial performance of companies like Escalade, pickleball enthusiasts can gain insights into the availability and development of high-quality equipment to support their game.

Escalade’s commitment to reducing debt and strengthening its balance sheet also indicates stability and the potential for future investments and product innovations. This can have a positive effect on the pickleball community, as new and improved products may enhance the overall playing experience.

In conclusion, while Escalade has reported some declines in net sales and operating income, the improvements in gross margin and cash flow from operations are promising. For outdoor sports enthusiasts, including pickleball players, it signals continued opportunities for innovation and growth in the industry. As Escalade focuses on reducing debt and investing in its brands, the future looks bright for those who enjoy outdoor recreational activities like pickleball. Stay tuned for further updates and exciting developments in the world of outdoor sports.

CONFERENCE CALL

A conference call will take place on Monday, April 1, 2024, at 11:00 a.m. ET to discuss the Company’s financial results, recent events, and answer questions.

A live webcast of the conference call along with the presentation materials will be accessible in the Investor Relations section of Escalade’s website at www.escaladeinc.com. To listen to the broadcast in real-time, please visit the website at least 15 minutes before the scheduled start time to register, download, and install any audio software that may be required.

To participate in the live teleconference:

Domestic Live: 1-877-407-0792
International Live:  1-201-689-8263

To listen to a replay of the teleconference, which subsequently will be available through April 15, 2024:

Domestic Replay:  1-844-512-2921
International Replay:1-412-317-6671
Conference ID:  13745214

USE OF NON-GAAP FINANCIAL MEASURES

In addition to presenting financial statements following U.S. generally accepted accounting principles (GAAP), this release includes a non-GAAP financial measure called EBITDA. A reconciliation of this non-GAAP measure can be found at the end of the press release. EBITDA is used by Escalade to compare operating performance over time. Escalade believes that disclosing EBITDA provides valuable information to investors about its financial condition and results. Non-GAAP measures should be seen as a supplement and not a replacement for the company’s GAAP measures of performance and financial results. When evaluating these measures, it’s important to consider the limitations and also analyze the company’s results as reported under GAAP.

ABOUT ESCALADE 

Escalade, established in 1922 and headquartered in Evansville, Indiana, is a company that designs, manufactures, and sells sporting goods, fitness equipment, and indoor/outdoor recreation products. The company’s goal is to foster connections among family and friends, creating lasting memories. Escalade is a leader in various categories and its brands include Brunswick Billiards®, STIGA® table tennis, Accudart®, RAVE Sports® water recreation, Victory Tailgate® custom games, Onix® pickleball, Goalrilla™ basketball, Lifeline® fitness, Woodplay® playsets, and Bear® Archery. Escalade’s wide range of products can be purchased online or at leading retailers throughout the United States. For more information about Escalade’s brands, history, financials, and governance, please visit www.escaladeinc.com.

https://stmdailynews.com/sleeves-senior-pickleball-report/

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News

bp unveils first US bp pulse EV charging Gigahub™ at Houston headquarters

A ribbon cutting for the Gigahub™ located at the bp Westlake campus with bp executives and local elected officials will be held on March 20, 2024

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HOUSTON, March 20, 2024 /PRNewswire/ — bp (NYSE: BP) will celebrate the opening of its new electric-vehicle charging site at its bp America headquarters in Houston, Texas, expanding its network of EV chargers in the US. The new bp pulse station is the first bp pulse branded Gigahub™ in the US and will be open to the public on April 2.

bp unveils first US bp pulse EV charging Gigahub™ at Houston headquarters

bp pulse Gigahub™ (EV charging station) is open to the general public
bp pulse Gigahub™ Westlake campus

Emma Delaney, bp Executive Vice President for Customers & Products, said: “As we expand our global footprint, I am thrilled to unveil our first EV charging Gigahub in the US. With leading fast charging positions already in key markets in the UK, China, and Germany, we’re learning about customer charging preferences on the go.”

The Gigahub™, expected to open on March 20, 2024, will offer 24 high-speed EV charge points with Tritium 150kW DC fast chargers. The chargers will be integrated with the bp pulse app, allowing users to locate the site, access real-time charging availability, and connect to WiFi.

“We’re excited to bring bp pulse to America’s energy corridor and expand our presence in the US public EV-charging market,” said Sujay Sharma, CEO of bp pulse Americas. “This project will bring fast, reliable charging to EV drivers when and where they need it, helping support faster electric-vehicle adoption in the US. We look forward to welcoming new and existing EV drivers to our growing network.”

bp pulse aims to continue deploying additional charging points at high-demand locations, such as airports, major metropolitan areas, and bp-owned properties across the US. bp has also been awarded grant funds through programs, including National Electric Vehicle Infrastructure (NEVI) and California Energy Commission (CEC) to provide charging infrastructure at sites in California, Pennsylvania, Tennessee, Virginia, and Kentucky.

In February 2023, bp announced plans to invest $1 billion in America’s EV charging infrastructure by 2030, with $500 million invested in by the end of 2025. bp pulse also shared commitments to deliver 3,000 charge points by 2025. EV charging is one of bp’s five strategic transition growth engines in which the company expects to significantly grow investment through this decade. The other transition growth engines include bioenergy, hydrogen, convenience and renewables & power.

Today bp has 29,000 EV charge points worldwide and aims for more than 100,000 globally by 2030 – around 90% rapid or ultra-fast.

About bp

bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. We’re transforming bp from an international oil and gas company to an integrated energy company – and America is core to the strategy. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $145 billion since 2005 and supporting more than 275,000 jobs. For more information on bp in the US, visit www.bpamerica.com.

About bp pulse

bp pulse is bp’s electric vehicle (EV) charging business. Focused on fast and reliable charging, bp pulse deploys charging points for EV drivers and commercial fleets on the go; at destination hubs, at the depot and bp retail sites. Around the world bp pulse is partnering with some of the world’s biggest businesses, while developing the Gigahub™ network, a series of large EV high-speed charging hubs in high-demand locations. For more information, visit bppulsefleet.com

Further information: bp US press office, USPRESS@bp.com

Cautionary statement: In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), bp is providing the following cautionary statement. This press release contains certain forward-looking statements – that is, statements related to future, not past events and circumstances – which may relate to one or more of the financial condition, results of operations and businesses of bp and certain of the plans and objectives of bp with respect to these items. These statements are generally, but not always, identified by the use of words such as ‘will’, ‘expects’, ‘is expected to’, ‘aims’, ‘should’, ‘may’, ‘objective’, ‘is likely to’, ‘intends’, ‘believes’, ‘anticipates’, ‘plans’, ‘we see’ or similar expressions. Actual results may differ from those expressed in such statements, depending on a variety of factors including the risk factors set forth in our most recent Annual Report and Form 20-F under “Risk factors” and in any of our more recent public reports. Our most recent Annual Report and Form 20-F and other period filings are available on our website at www.bp.com,or can be obtained from the SEC by calling 1-800-SEC-0330 or on its website at www.sec.gov.

SOURCE bp America

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