NAIOP - The Commercial Real Estate Development Association recognized this successful new hotel project for its impressive timeline, smart local partnerships and economic contributions to the community's hurricane and COVID recoveries.
PENSACOLA BEACH, Fla., April 4, 2024 /PRNewswire-PRWeb/ -- Innisfree Hotels (innisfreehotels.com) and Dallas-based RREAF Holdings (rreaf.com) have been honored with the "Deal of the Year" award from NAIOP Northwest Florida for their successful Fairfield Inn & Suites Pensacola Beach project.
The award, presented last month at the commercial real estate development association's annual chapter meeting, highlights the hotel project's impressive timeline, the local partners it brought on board, and the economic contributions it made to the Pensacola Beach community in the wake of Hurricane Sally and COVID.
"The Fairfield Inn & Suites Pensacola Beach project is a testament to our exceptional partnership with RREAF, which currently includes eight hotels," said Ted Ent, President and CEO of Innisfree Hotels. "We are honored that the NAIOP board recognized our professional collaboration for the impact it has made and will continue to make in the local community."
The 209-room, $75 million property — which features the Gulf Coast's largest lazy river and the popular Fish Heads Bar and Grill — opened last summer, just 18 months after breaking ground in fall 2021. The Fairfield Inn & Suites Pensacola Beach sits on the former site of the Best Western Beachside Resort, which was razed following significant damage from Hurricane Sally in 2020. The new hotel includes notable storm safety features like storm-surge protection, shatterproof window panes, and high wind resistance throughout.
Innisfree and RREAF brought in architect Bullock Tice Associates and general contractor Greenhut Construction Co., both Pensacola firms, who led a seamless design and build when COVID was still affecting the workforce and supply chains. PenAir Credit Union and participant Navy Federal Credit Union also helped bring the project to the finish line. All of which successfully generated much needed cash flow in the local community.
"We have great partners who helped us create something special for the Pensacola Beach community and our guests," said Jason Nicholson, Senior Vice President of Asset Management and Development at Innisfree Hotels. "We're proud of this outstanding edition to our beach oriented, family first hospitality portfolio."
"Fairfield Inn & Suites is nestled perfectly on the pristine shores of Pensacola Beach providing guests with a luxurious experience," said Kip Sowden, CEO of RREAF Holdings. "This award is a reflection of the spectacular offerings we provide at the resort and our team's commitment to delivering a coastal escape."
The Fairfield Inn & Suites is located at 16 Via de Luna Drive in Pensacola Beach. For reservations or more information, call 850-932-1889 or visit innisfreehotels.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 44 entities — about 3,600 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 through People, Planet and Prosperity. Innisfree, which has about $1.1 billion of assets under management and $250 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 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 16 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 rreaf.com.
Media Contact
Kennedy Norton, Innisfree Hotels, 1 8435662994, [email protected], innisfreehotels.com
SOURCE Innisfree Hotels
Share this article