John Cohlan, CEO of Margaritaville Holdings, recently gave an interview to Bloomberg Business where he gave some insights into Jimmy Buffett’s empire of restaurants, resorts, merchandise, and more.
Cohlan revealed that Margaritaville did over $1.5 billion in sales in 2015 and is growing at about 20% annually.
Watch the video below:
Jimmy Buffett’s Margaritaville restaurant is coming to the Cleveland Flats later this year:
The bar and restaurant chain will move into the 20,000-square-foot building on the corner of Front Avenue and West 11th Street, in the Flats East Bank. The space was originally supposed to house Toby Keith’s I Love This Bar and Grill.
“A nationally known brand like Margaritaville will really help drive tourism to our area,” said Scott Wolstein, developer and partner of The Wolstein Group. “Adding such a recognizable establishment provides yet another exciting and diverse option for everyone that makes Flats East Bank their entertainment destination.”
Margaritaville Cleveland’s parent, International Meal Company U.S., also points to increased tourist traffic – and the chain’s role to that end.
“We look forward to bringing escapism to the city and becoming active members of the Cleveland community,” said David Crabtree, President/CEO of International Meal Company U.S.
The New York Times has a great article on Jimmy Buffett and his business empire. It’s a good read, includes an interview with Jimmy Buffett and his partner, and reveals that Margaritaville is finally coming to California:
The company’s first resort, a planned $700 million casino and hotel in Biloxi, Miss., was delayed by the late-2000s economic collapse. Margaritaville eventually opened a much smaller hotel in Biloxi, but it went belly up, perhaps because the company picked a bad location. This month Mr. Cohlan announced a third attempt, set to open later this year. This time, there will be more of a family focus, and no casino. Eight more Margaritaville hotels, including one in Grand Cayman, are in various stages of development.
Margaritaville’s signature restaurant chain is expanding quickly — it will soon push into California for the first time, opening at Universal Studios Hollywood — but a spinoff series of restaurants in the Midwest called Cheeseburger in Paradise has struggled. Margaritaville sold its Cheeseburger stake in 2005 and, since then, roughly half the locations have closed as the brand was lobbed between owners.
Read the full story here.
Forbes has an article on the business empire that Jimmy Buffett has built around his song “Margaritaville.”
Last year, the Margaritaville brand generated more than $1 billion in sales across all categories, and only a small fraction of that money comes from sales, streams, or plays of the song. The sheer number of products that now bear the now-famous song title is amazing, and the money keeps pouring in. With revenues like that, it’s entirely possible that “Margaritaville” has made more money than any other track in history.
Margaritaville’s success doesn’t come from the fact that the song was a hit back in the day, but rather from the feeling that the music and the lyrics convey. It has become a lifestyle, and one that an entire generation wants to be a part of. The song—and now the brand—are all about escapism, and a relaxed atmosphere. It’s very casual, and everybody is welcome. These qualities lend themselves naturally to a hotel, so it’s a bit surprising that the idea has only gained traction recently. The company just opened a new location last fall in Hollywood, Florida, and everything about the place exudes Margaritaville, from the location (on the beach, of course), to the flip flops and t-shirt-wearing crowd to the decor.
Read the full article here.
Jimmy Buffett’s Margaritaville Casino at River Spirit in Tulsa, Oklahoma held a topping off ceremony last Friday as the final floor of the tower was put in place.
In a topping-off ceremony, a native tree is often chosen by builders of tall buildings to be placed at the top of a building in a show of respect for the land. In this case, nothing could have been more appropriate than a palm tree riding a steal beam to the 27th and final floor marking the completion of the frame of the new addition to the complex.
The expansion and new home of Jimmy Buffett’s Margaritaville casino and restaurant is by far the nation’s biggest developmental undertaking in the area, and with the addition of 1.2 million square feet to the tune of $365 million and 483 hotel rooms, it tops every other facility in the area. One-thousand more full-time jobs will also be added. Margaritaville’s CEO John Cohlan said the local development was one of the better-executed Margaritaville projects seen by the company, and the opening might even drew Jimmy Buffet. Officials also announced that by Labor Day weekend everything except the hotel tower will be completed, according to Tulsa World.
A two-level Margaritaville restaurant, bar with two outdoor decks that overlook the Arkansas River, retail outlet with a stage for live music, a seaplane and an erupting volcano that spews lava into a giant blender, will be the centerpiece of the casino-level addition. A tropical-themed pool deck will adorn the riverfront complete with cabanas, fire pits, palm trees and multiple bars, one with swim-up seating. Other food venues include a Margaritaville Coffee Shop and still in discussions, a Mickey Mantle’s Steakhouse. Fifty-thousand square feet of gaming space will also be included in the casino-level addition, which will be space for 27 table games, 850 gaming machines, and entertainment venue capable of accommodating more than 2,500 seated guests, and 30,000 square feet of meeting and event space.
Read more here.
Another Margaritaville resort is being developed, this time in the Cayman Islands:
The Treasure Island hotel in the heart of Grand Cayman’s tourist district is to become a full-scale Margaritaville Resort, new owners have said. Howard Hospitality Group (HHG) has bought the site, which was on sale for just over $15 million, and said it is already planning a major redesign and renovation of the building to convert it into a branded beach resort. The owners said it would open in December 2016, complete with and a two-story Margaritaville pool slide, multiple bars and restaurants and 280 rooms.
The hotel, which is home to a number of long-term tenants, will remain open during renovations under HHG’s management, the firm said in a release.
“The Margaritaville Beach Resort on Seven Mile Beach will provide a new and exciting hotel experience for Grand Cayman,” said Howard Sitzer, Chairman and CEO of HHG. “Authentically Caribbean, this luxury resort will embrace local tastes, sights and sounds and provide quality and vibrant entertainment for visitors and guests.”
This is not the first Margaretville in Cayman. George Town already has a branded bar and restaurant, inspired by the lyrics and lifestyle of singer, songwriter and author, Jimmy Buffett, but the new resort will be on a much bigger scale and will cater to overnight guests as well as cruise ship passengers, which are the downtown bar’s main customers.
Renovations are expected to begin early in the New Year the new owners stated and once open, the operational management will be led by Trust Hospitality of Miami.