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      "text": "Onera Escapes and affiliates is a developer, owner and operator of over 300 glamping, alternative stays and hotels in 29 different markets across the United States and Mexico ranging from core urban to leisure destination accommodations\nThe Onera team is comprised of experienced professionals with backgrounds in hospitality real estate, consulting, technology, investment banking, and law\nOnera's portfolio has a Net Promoter Score that is 44 points higher than the industry average, strongly resonating with evolving guest preferences\nLeadership's previous venture partners include MGM, Google Ventures, Greylock Partners and other notable private equity firms\nSummit expects to acquire, primarily through its mezzanine lending program, additional glamping properties across the U.S.\nOnera will act as sponsor and developer of future projects\nThe Company will provide mezzanine financing during construction with an option to acquire the property upon opening\nThe Company has an exclusive ROFR on Onera's next 10 glamping projects\nOnera will serve as the property management company\nOnera's proprietary tech-enabled revenue management and operations platform facilitates a sustainable, labor-light model\nOnera focuses on scaling data-based decision making and management processes, allowing them to successfully manage alternative stays",
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      "text": "In addition to the future expansion of Onera Fredericksburg, we have identified several near-term opportunities with targeted opening dates in the next 24 months\nSummit's holds a 10-project ROFR for the next 5 years\nThese future opportunities are expected to generate similar RevPAR EBITDA margins and yields to that of Onera Fredericksburg.\nConstruction timelines are meaningfully shorter than traditional hotels and can generally open within 12-18 months of construction start.",
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