NAI Launches Outdoor Hospitality Platform

NAI Global has launched a new outdoor hospitality division, which will operate as NAI Outdoor Hospitality Brokers. Under the leadership of Bob Kaplan, the team will focus on the investment sales of RV Parks, glamping resorts and campgrounds across the US.

While the group will have a national focus, its primary focus areas will be Rocky Mountains and Western States, Texas, the Southeast and the Northeast, and it will serve clients like Roberts Communities, KOA Corporation and Sun Communities. Kaplan says the partnership with NAI Global is a good fit to scale the platform and support growth by leveraging local brokers with in a platform that has national reach.

The outdoor hospitality sector had been gaining momentum before the pandemic, although the health crisis certainly accelerated the event. In 2019, many investors were focusing on glamping resorts. Short for glamorous camping, glamping is experiencing widespread growth. This form of experiential travel pairs traditional outdoor lodging with five-star fittings, guest service, dining and amenities. Specifically, luxury tents inspired by African safari-style resorts, classic Airstream campers fitted out with modern conveniences and tiny backwoods cabins with upgraded amenities make camping a step up from its predecessor.

At the time, research group Arizton forecasted that the US glamping market was projected to reach revenue of around $1 billion by 2024, growing at a compound annual growth rate greater than 15% through 2024. The Arizton report noted that the demand for cabins and safari tents is expected to grow some 2.5 times the current rate in the next five years as corporate retreats and adventure vacations emerge as the new vacation trends in the US market.

In the early days of the pandemic, some investors leveraged growth in this arena to complete 1031 exchanges. In late 2020, a publicly traded REIT acquired Marina Dunes RV Resort, a 96-site RV park located on 5.6 acres at 3330 Dunes Dr. in Monterey County, from a joint venture between Skya Ventures Inc. and Gelt Inc. for $28.5 million. The joint venture acquired the property for $18 million in 2018, and upgraded the property by adding additional RV parking sites as well as creating experiences for residents, like glamping spaces, fully furnished tents and individual yards.

Kaplan and his four-person team have 27 years of combined brokerage experience in, closing more than 200 transactions valued at more than $600 million. In 2021, the team closed eighteen transactions in 11 states, totaling over $84 million in value.