Market Opportunity

Turnstone Group’s acquisition of the Panama City Beach RV Resort in early 2015 is an example of identifying a unique situation with structural complexity, where value enhancement opportunities exist. The 69 pad resort, located one row off the beach, was a bank owned REO asset held by three separate financial institutions with little experience or interest operating a property of this type.


After acquiring the property, Turnstone Group identified and implemented key operational enhancements including the following: 1) insertion of professional management; 2) implementation of industry standard accounting and expense control procedures; 3) establishment of the resort’s first digital marketing campaign; and 4) enhancement of the reservation system to include online and mobile booking capabilities.


Year-over-year occupancy improved by 22%, and Net Operating Income increased by 87%. In addition, online booking went from 0% to 24% of total bookings. Current projections assume an IRR of 59% and a cash-flow-to-equity multiple of 3.14x.