OperationsJul 7, 2026
Renovation permits submitted
Full renovation drawings were submitted for permitting, keeping the project on track to begin construction at closing in January.
All opportunities
OpenHospitality Naples, Florida
Palm & Vine Boutique Hotel
A 64-key boutique hotel conversion two blocks from Naples' Fifth Avenue South.
Sponsored by Palm & Vine Hospitality 24 members participatingLast updated Jul 7, 2026
Overview
Executive Summary
Palm & Vine Naples converts a structurally sound but dated 64-key property — acquired off-market at 60% of replacement cost — into an independent boutique hotel two blocks from Fifth Avenue South, Naples' premier dining and retail street. The sponsor's prior repositioning, The Sandpiper Inn, lifted RevPAR 63% over three seasons.
Project Description
The renovation reimagines all 64 rooms, adds a courtyard pool bar and signature restaurant, and creates a garden event lawn for the wedding market. The property will operate independently with a soft brand affiliation for distribution.
Market Opportunity
Naples leads Florida in boutique-hotel RevPAR, with peak-season occupancy above 90% and a city moratorium limiting new hotel supply in the walkable core. The off-market basis — 60% of replacement cost — is the margin.
Investment Thesis
Hotel returns are made at purchase: this basis is 60% of replacement cost in a supply-constrained market where the sponsor has already executed an identical repositioning. The 8% preferred return accrues during renovation, so members earn from day one even before cash flows.
Current Status
Property under contract; offering opened in late June. Renovation begins on closing, with reopening targeted for the 2027–28 winter season.
Investment Highlights
60% of replacement cost
Off-market acquisition basis creates margin before any operational improvement.
Supply-constrained market
A city moratorium limits new hotel development in Naples' walkable core.
Sponsor has done this exact play
The Sandpiper Inn repositioning lifted RevPAR 63% over three seasons.
Preferred return accrues in renovation
The 8% preferred accrues from closing, ahead of any sponsor participation.
Events & F&B upside
Courtyard restaurant and garden event lawn add high-margin revenue conventional comps lack.
Top RevPAR market
Naples leads Florida in boutique-hotel revenue per available room.
Investment Terms
- Offering entity
- Palm & Vine Naples LLC
- Investment type
- Preferred Equity
- Security type
- Class A Membership Units
- Minimum investment
- $25,000
- Maximum investment
- $425,000
- Target raise
- $4,250,000
- Maximum raise
- $4,750,000
- Price per unit
- $2,500
- Target annual return
- 13.5%
- Preferred return
- 8%
- Profit split
- 70 / 30 above preferred
- Target hold period
- 6 years
- Distribution frequency
- Quarterly
- Offering deadline
- Nov 30, 2026
- Accreditation
- Accredited investors (attestation placeholder)
Financials
Sponsor projections — explore how the numbers move under different scenarios.
The sponsor's underwritten projection. All figures are sponsor projections.
Projected Revenue vs. Expenses
Projected Investor Distributions
| Five-Year Forecast | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | $4,100,000 | $4,756,000 | $5,516,960 | $6,399,674 | $7,423,621 |
| Expenses | $2,788,000 | $3,234,080 | $3,751,533 | $4,351,778 | $5,048,063 |
| Operating Income | $1,312,000 | $1,521,920 | $1,765,427 | $2,047,896 | $2,375,558 |
| Cash Flow | $1,128,320 | $1,308,851 | $1,518,267 | $1,761,191 | $2,042,980 |
| Distributions | $699,558 | $811,488 | $941,326 | $1,091,938 | $1,266,648 |
Capital Stack
Total capitalization $11,400,000
Senior Debt$6.3M · 55%
Member Equity (The Circle)$4.3M · 37%
Sponsor Co-Investment$880K · 8%
Est. stabilized value
$14.2M
Projected exit value
$15.8M
Sources & Uses
Sources
- Senior Loan (55% LTC)$6.3M
- Member Equity (this offering)$4.3M
- Sponsor Co-Investment$880K
- Total$11.4M
Uses
- Property Acquisition$4.8M
- Renovation & FF&E$5.9M
- Pre-Opening & Soft Costs$380K
- Reserves & Contingency$320K
- Total$11.4M
Model your investment
Your investment$50,000
$25,000 min20 units @ $2,500$425,000 max
Per quarterly payment
$750
Projected annual income
$3,000
Income over 6 yrs
$18,000
Projected value, yr 6
$106,892 · 2.14x
Portfolio fit: Hospitality would move from 21% to 33% of your committed portfolio with this investment.
Illustrative projection compounding the base scenario of the sponsor's target return over the full hold. Estimates only — never a guarantee.
Invest $50,000Business Plan
Business Model
Reposition to the market's top rate tier, add high-margin food-and-beverage and events revenue, and exit to a boutique-hotel fund or lifestyle brand at stabilized performance.
Use of Funds
Acquisition equity, full renovation ($5.9M across rooms, public spaces, and F&B), pre-opening costs, and reserves, alongside a 55% loan-to-cost facility.
Potential Exit Strategy
Sale in year 5–6 to a boutique-hotel fund or lifestyle-brand platform at stabilized RevPAR, or a condo-hotel conversion as an alternative value path if hospitality pricing softens.
Sponsor
Palm & Vine Hospitality develops and operates intimate boutique hotels in Florida's premier leisure markets. The team's approach blends independent character with institutional revenue management, targeting properties of 40–80 keys.
19
Years experience
6
Completed projects
1
Current projects
$141M
Total project value
Team
- OR
Olivier Rousseau · Managing Partner
Two decades operating boutique properties in the U.S. and Europe.
- HW
Hannah Weiss · VP Revenue Strategy
Former revenue-management lead for a 40-hotel lifestyle brand.
Previous projects
The Sandpiper Inn (52 keys)
Repositioned 2019 · RevPAR up 63% over three seasons
Track record provided by the sponsor. Past performance does not predict future results.
Documents
The complete document room for this offering.
Project Timeline
Jun 25, 2026
Opportunity Announced
Opportunity introduced to The Circle with preliminary materials.
Jul 8, 2026
Member Preview Opened
Full data room, financial model, and sponsor Q&A opened to members.
Jul 15, 2026
Offering OpenedCurrent
Commitments accepted from approved members.
Nov 30, 2026
Target Funding Date
Offering expected to reach its target raise.
Jan 15, 2027
Renovation Begins
Capital deployed and the project moves into execution.
Nov 15, 2027
Hotel Reopening
Key operating milestone on the path to stabilized performance.
Mar 31, 2028
Projected First Distribution
First member distribution expected, subject to performance.
2031-2033
Projected Exit Window
Targeted period for sale, refinance, or other liquidity event.
Updates
Risks
Private investments involve substantial risk, including illiquidity and possible loss of the entire amount invested. Read every factor below before committing. Projected returns are estimates only and are not guaranteed.
Seasonality Risk
Naples hospitality is highly seasonal; a weak winter season during early operations would disproportionately affect annual results.
Construction Risk
Construction projects are subject to cost overruns, material and labor price inflation, weather delays, and contractor performance issues that can extend timelines and reduce returns.
Financing Risk
The project's senior loan carries market terms. Changes in rates or credit availability at refinance could affect cash flow available for member distributions.
Operating Risk
Day-to-day results depend on management execution, staffing, pricing, and customer demand. Underperformance against the operating plan would reduce distributions.
Market Risk
Economic conditions, interest rates, and local market dynamics may change and could reduce revenue, valuations, or the pace of lease-up and sales relative to projections.
Liquidity Risk
This is a private investment with no public market. Members should expect to hold their investment for the full target hold period; early liquidity is not guaranteed and may not be available at all.
Loss of Capital
Private investments involve substantial risk, including the possible loss of the entire amount invested. Members should only commit capital they can afford to lose.
Projection Risk
All financial projections shown are illustrative demonstration estimates prepared by the sponsor. Actual results will differ, and the difference may be material.
Sponsor & Execution Risk
Performance depends heavily on the sponsor's ability to execute the business plan, retain key personnel, and manage costs. Departure of key team members could adversely affect results.
Regulatory Risk
Changes in zoning, licensing, tax, or securities regulation could affect the project's operations, timeline, or member distributions.
Economic Risk
Recession, inflation, labor shortages, or credit-market disruption could increase costs or reduce demand beyond what the sponsor has underwritten.
Exit Risk
The projected exit depends on market conditions at the time of sale or refinance. A delayed or lower-value exit would extend the hold period and reduce returns.
Questions
Frequently asked
Ask the sponsor
Questions and sponsor answers are visible to all members reviewing this offering.
Prefer a conversation?
Book a 15-minute call with the sponsor team about this offering.
Sponsor presentations and group Q&As are listed on the member events calendar.
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