An Update on Onera Wimberley (A Year Later)

We haven’t given a proper update on Onera Wimberley in a while.

But we’ve been busy behind the scenes.

In 2021, we bought 20 acres in Wimberley for $1.4 million and turned it into a $25 million treehouse hotel with 28 units.

This was by far our toughest project yet.

A year into planning, designs were $6 million over budget…our lender pulled the loan with $2 million already deployed…we switched architects…the onslaught felt endless.

There were moments we thought it might never get built.

We opened in summer 2024. And now, our chief of staff Tom just pulled the numbers – honestly, it feels amazing to see this thing finally hitting its stride after everything it took to get here.

Here’s where we are.

The Numbers

October revenue: $326,000.

For context, last October we did $196,000. Up 66% year-over-year.

Our last six months: $450 ADR at 76% occupancy.

Compare that to the six months before: $433 ADR and 63% occupancy.

Our gross operating profit margin is now at 60% – up from 49% in the prior six months.

We’re projecting over $1.8 million in NOI in our first full year 2025, with a clear path to $2.2 million next year, and $2.6 million over the next five years.

At an 8 cap, that’s a $32.5 million exit by 2030.

And we’re maintaining 85% direct bookings consistently – proving that the social-first model works.

Not bad for a property that most banks and traditional hotel developers would’ve called too risky to build.

The Group Bookings Breakthrough

Here’s what really changed this year though:

Group bookings.

First half of 2025, we did $18,000 in group revenue.

Second half of the year? $108,000.

Next year we’re forecasting over $300,000 – compared to $125K total this year.

Group sales has been our biggest challenge. Completely different business from transient bookings – longer sales cycle, different buyers, and we had to learn it from scratch.

But we’re finally getting traction.

Right now, we have a full property buyout Monday through Friday for Give to Give – a nonprofit that runs retreats for veterans dealing with PTSD. Full occupancy in shoulder season midweek.

And this won’t be a one-off. We’re looking at 3-6 events per year with them, plus building similar relationships with other groups.

That recurring group business is what we needed to prove the model works beyond weekend leisure travel.

What’s Next

We’re adding a wellness pod. We're so pumped for this one.

The pod will include some combination of: dry sauna, cold plunge, igloo room, halotherapy salt chamber, eucalyptus steam room, and float pod. We’re finalizing which amenities make the cut, but the concept is locked in.

Onera is already a place where people come to disconnect and restore themselves in nature. Structured wellness experiences like this deepen that offering in a way our guests have been asking for.

We’re also exploring an F&B component.

Our event barn is a couple thousand square feet with a catering kitchen already in place. We’re looking at either building out a full dining cafe concept there or partnering with a high-end food truck operation.

Nothing definitive yet, but both the infrastructure and guest demand are already there.

But we'd be lying if we said getting here has been smooth…

Group sales took way longer to ramp than we expected. We had to figure out a completely different marketing and sales motion – more relationship building, longer conversations, a different pitch entirely.

But stepping back from the day-to-day stress of managing all this, the bigger picture is actually pretty amazing.

We built something that people said wouldn’t work. We’ve proven the model. The property is profitable and growing. And now we’re in a position to optimize and enhance the product.

Looking Ahead

Here’s what we see for Onera Wimberley over the next few years:

Excluding any revenue lift from the wellness pod or F&B, we’re on track to hit over $2.2 million in NOI next year.

Five years out, we’re targeting $2.6 million, which at an 8 cap puts us over $32 million in property value.

That’s the path. Continuing to execute on what’s already working while adding complementary revenue streams that our guests are actively asking for.

And the broader lesson here applies way beyond Onera Wimberley.

This is what happens when you build a property with content and virality in mind from day one. When you prioritize direct bookings over OTA dependence. When you create an experience distinctive enough that people seek you out specifically, not because you showed up in a search filter.

The model works. It just takes patience and discipline to build it right.

Our entire hospitality and operations team have been incredible through this growth phase. Our GM Sean, our Operations Manager Robert, our Ops Associates Thomas & Wyatt, and all of our incredible housekeepers, are collectively keeping us at a 4.8 on Google! Watching this property mature from nearly falling apart to what it’s becoming – that’s the part that makes all the operational headaches worth it.