Ocean Grove RV Resort in St. Augustine, Fla., has been acquired by Key International and Wexford Real Estate Investors in a $15.117 million deal that closed this week, according to the Jacksonville Business Journal.
The 18-acre property with 208 RV sites is located at 4225 A1A South, across the street from the beach.
Earlier this month, owners Ed and Lillian Schneider announced on Facebook that they were selling the business after 43 years of operating the business.
For Key International, the acquisition is the first it has made of an RV park — a new direction as it ventures beyond traditional hospitality projects. Key International is the developer of the Embassy Suites in St. Augustine Beach, just a few miles north of the campground.
“We’re thrilled to diversify our hospitality portfolio further as travel habits continue to evolve,” said Michael Vassilaros, chief investment officer at Key International, in a release. “The RV and camping industry has seen tremendous growth, and the number of first-time campers has skyrocketed. We look forward to applying our expertise in site selection, quality, and impactful hospitality projects to this new sector, and we are lucky to be able to start with a market we know so well given our success with the Embassy Suites by Hilton St. Augustine Beach Oceanfront Resort located less than 4 miles away.”
Ocean Grove is a full-service, pet-friendly camping resort with several amenities. Key International plans to implement a series of upgrades to improve the landscaping, restaurant and overall customer experience, the release said.