USA, Greenwood Village, Colorado. June 01, 2023

CoralTree Hospitality is growing its collection of hotels and resorts in Texas with the addition of The Peninsula Beach Resort, a full-service luxury resort community along the Gulf Coast. The 110-acre property in Port Bolivar is scheduled to offer 90 single family homes, 114 rental cottages that can accommodate up to 1,000 guests per day with a clubhouse and two pools, 50 recreational vehicle sites and more than 160 beachside condominiums, several dining options and a private airport. The first phase of the project will open next year.

"The Peninsula Beach Resort is one of the most exciting new projects developed on the Texas Gulf Coast in years," said Tom Luersen, president of CoralTree Hospitality. "Our team has extensive experience working with similar resort properties that offer diverse lodging and entertainment offerings. We look forward to working hand in hand with the development team to make their vision of Peninsula Beach Resort a reality." The upscale property is being developed by Bolivar Investment Group.

"We are extremely excited about our association with such a premier hospitality management company," said Michael Wiglesworth, principal of the Bolivar Investment Group. "The Peninsula, with CoralTree at the helm, will change the paradigm of the Bolivar Peninsula, becoming one of the largest, most exclusive and totally integrated beach resorts on the entire Texas Gulf Coast."

Located on Crystal Beach along the Bolivar Peninsula, the first phase of the resort will open in the spring of 2024 with The Zoo Beachbar & Grill, which will be the largest beachfront ice house on the Texas Gulf Coast. The 41,000-square-foot sports bar and grill will offer two floors of indoor and outdoor dining with multiple big screen televisions and a sports viewing area overlooking a 100,000 square-foot private beach playground called The Sandbox with championship sand volleyball courts, recreational game areas along with food and beverage services.

Additional openings planned for phases one and two of the resort's development include 114 one-, two- and three- bedroom rental cottages with private guest club houses, Veranda Bar & Grill, event facilities, two Olympic sized pools, cabanas and pickleball courts. The Esplanade Spa & Restaurant also will open with the spa featuring an expansive workout room, steam and dry saunas, outdoor pools and more. Four separate event facilities will offer more than 30,000 square feet of space for weddings, business and community events throughout the year. The 50 premium recreational vehicle sites in a private enclave with overhead hospitality cabins will offer living and dining areas with fireplaces, full bath, kitchen and outdoor entertainment deck.

The final phase of the resort's development is expected to be completed by 2025.This phase of development will include 90 two-, three- and four-bedroom luxury beachfront homes and multiple mid-rise condominium towers offering more than 160 two- and three-bedroom units overlooking the Gulf of Mexico. Owners will have the option of renting their condominiums and houses through the Peninsula rental management services. A private FAA classification airport is planned, which will make the Peninsula the only fly-in beach resort in the United States. More than 40,000 square feet of retail commercial space also will be developed along Highway 87.

About Bolivar Investment Group

The Bolivar Investment Group is a commercial real estate development company comprised of entrepreneurs with more than 100 years of combined experience focusing on commercial real estate development, residential and commercial construction, architectural and engineering services, restaurant development and operations, business operations, and sales promotion marketing/advertising industries. The principals have completed numerous real estate developments in Houston, Beaumont and the Bolivar Peninsula.