I've often been asked about the performance of our first landscape resort.
The numbers sound almost unbelievable–a 76% IRR and a 3.9x return in under three years.
Today, I'm pulling back the curtain on Onera Fredericksburg–showing you exactly how a collection of treehouses in the Texas Hill Country outperformed nearly every traditional real estate investment on the market.
For all our new subscribers (welcome!), this is your chance to see the concrete data behind the experiential hospitality revolution.
And if you stick around until the end, I've got an exciting secret to share about what's coming next.
Let's dive in...
The idea for Onera came from both desperation and opportunity.
COVID had crushed my urban STR business literally overnight.
While the hospitality industry was reeling, I noticed travelers weren't actually staying home–they were fleeing cities, seeking nature-based escapes where they could reconnect with the outdoors.
On an RV trip with my wife through the Western US, I had a breakthrough vision: craft nature-immersive luxury experiences that modern travelers craved.
I wanted to create a place where people could connect deeply with nature without sacrificing comfort or luxury.
(Something I was desperately missing after countless RV headaches)
My land search began in Texas Hill Country for three simple reasons:
- Drivable from all major Texas metros
- Dynamic landscapes in a relatively flat state
- Existing demand drivers from weddings, wineries & weekend escapes
After months of searching (and losing two promising properties), I finally found it.
Fredericksburg, TX.
The land was perfect–a hidden forest just half a mile from Main Street.
Turning off onto a dirt road, you're suddenly transported to an enchanted woodland with a creek running through it.
And the price was even better–$375,000.
It felt magical.
But 20 banks thought differently. Bank after bank shut the door in my face.
"Too risky."
"Unproven concept."
"No comps."
After the 20th rejection, most people would've given up. I kept knocking.
Bank #21 finally said yes, and with financing secured, we broke ground in January 2021.
We set an insanely delusional timeline: open in 8 months…
We built 8 completely different unit types: treehouses, domes, safari tents, container homes.
A real-world test lab for what travelers actually want.
Each one at a different price point, with a different design, and different operational challenges.
The build wasn't without major setbacks.
Our biggest mistake? Trying to import structures from China.
The renderings looked amazing. The price seemed too good to be true.
And it was…
Endless shipping delays. Quality issues. Zero support.
We spent a fortune having local crews retrofit everything – an absolute nightmare that taught us one of our core principles: never cut corners.
Given the sourcing issues, we missed our delusional timeline by 2.5 months and opened in November 2021.
And what happened next surprised even me.
Our Monarch Treehouse–priced at $500-1,000/night – hit 92% occupancy almost immediately.
Not because we offered turndown service or fancy amenities…
But because we built something so unique that guests couldn't wait to share it on social media.
Which led to our biggest insight…
An influencer named Amanda (@texas.explorer) kept reaching out to feature Onera.
I initially ignored her. We were busy with operations, and social media wasn't our focus.
But she was persistent, and I finally relented.
Her single Instagram post generated $15,000 in direct bookings.
She posted again a month later. Another $15K.
That's when everything clicked.
Instagram wasn't just a place for our guests to share their stay. It was the place for us to authentically connect with future guests.
We went all-in, studying everything from camera angles to reel formats.
And by year two, our 11-unit property was producing:
- 7M+ social media views
- $1.6M+ in annual revenue
- $550+ average daily rate at 80%+ occupancy
But the most important metric? Direct bookings reached 80%+ thanks to our commitment to high quality social media content.
This meant we were saving 15-20% on every booking that would have otherwise gone to OTA commissions.
That's when Wall Street started paying attention.
In 2022, a public REIT made an offer that was too good to refuse.
They were looking to diversify into alternative hospitality and wanted to take a 90% stake in our property for $6.3 million.
A treehouse hotel–acquired by institutional investors.
The ultimate validation of our vision.
The result? A 76% IRR and 3.9x multiple on our investment.
Let that sink in…
A quirky collection of treehouses and domes in the Texas Hill Country had outperformed most traditional real estate investments by a mile.
And the property continues to thrive with $161k annual revenue per key and a 54% NOI margin–almost double what you'd expect from a traditional hotel.
The experience taught us five critical lessons:
- Find a one-of-one location & piece of land.
- Design for social media from day one.
- Quality over quantity. Never cut corners.
- Start small, then scale what works.
- The Modern Traveler values experiences over traditional luxury.
This summer, Onera Fredericksburg is undergoing a $14M expansion, adding 23 new units and 9 new unit types. But I’ll save the reveal for another day.
And we're not stopping in Texas…
South Florida, We're Coming
Our next project will sit in a lush paradise setting that blends nature-immersed accommodations with unique agricultural and wellness experiences.
Our first tropical landscape resort and the first of its kind in the US.
Think exotic fruit forest. Crystal blue grottos. Bali-inspired villas.
And we are partnering with a powerhouse hospitality thought leader who has held executive positions at some of the most notable luxury hotels in Miami.
Stay tuned–we'll be sharing more details soon.
Exciting news for your hotel!
We’ve expanded the Oasi team to bring you the same strategies and expertise that fueled Onera’s success.
From boosting your social media presence and marketing strategies, to optimizing pricing and offering full-service property management, we’re ready to help your property attract the Modern Traveler and maximize your returns.
Fill out an inquiry here and let’s explore how we can work together.
See you guys next week!
-Ben Wolff
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🎥 Check Out My Podcast Episode on the Action Academy about Making Millions Through Direct Bookings
Ben Wolff
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