Holiday Island, Ark.-based Holiday Island Holdings Inc. — operating in the recreational and remote living real estate market — announced today (Nov. 30) in a press release that it continues to make progress on its targeted RV park located in north Texas. The purchase arrangement is in its contracting phase, and due diligence continues.
A funding source in Houston has verbally offered to fund the planned transaction, and then lease the property to HIHI for operational purposes. “At this time we anticipate – due to COVID-19 concerns and U.S. election issues – that a planned closing of this purchase may not occur until the first quarter of 2021,” the press release states. “Additionally, our advisor has identified several other prospective acquisitions for the Company to consider, and it is conducting preliminary due diligence on each of them. We hope to report positive progress within the next several weeks.”
Holiday Island CEO S. Gene Thompson said: “We continue to make significant progress on this acquisition now moving into the expected final financing and closing phase. We will keep you advised or our progress. This park is high yield as is, and it is suitable for extensive expansion after it is acquired, including an increase in RV rental spaces, the addition of RV rental units owned by HIHI, and the purchase for rent of cabins and tiny homes. We particularly like the Texas market due to its substantial and continuing growth, especially those areas that are within one to two hours from the five or six major demographic markets in the State.”
Holiday Island Holdings, Inc. plans to keep both its shareholders and the public informed of the entire process as the details continue to develop. For information, please visit the Company’s website at www.holidayislandholdings.com, the release states.
