A Jimmy Buffett Margaritaville Resort with a whopping 264-room hotel is planning to open in Newport on the Levee in 2026. Newport City Manager Thomas J. Fromme called the resort "one of the final pieces of the Newport on the Levee puzzle" during a meeting Monday.
You likely know Jimmy Buffett for his beachy hits, like "Margaritaville" and "It's Five O'Clock Somewhere," but the singer has turned his coastal persona into a fortune, owning Margaritaville restaurants, resorts and more.
So, how much is the iconic musician worth? Here's a look.
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It's 5 O'Clock in NKY 🍹Jimmy Buffett Margaritaville Resort with hotel, restaurants coming to Newport on the Levee
What is Jimmy Buffett's net worth?
According to Forbes, Buffett is worth $1 billion. His 28% stake in Margaritaville Holdings is reportedly worth an estimated $180 million. Among his assets are roughly $570 million from both touring and recording and a $50 million music catalog.
What is coming to Newport on the Levee?
Newport City Commissioners unanimously passed an order Monday that authorized Fromme to "execute a development agreement with Newport Hotel Associates, LLC regarding the Margaritaville Resort Project.”
Jim Stormont, president of Stormont Hospitality Group, a partner with North American Properties on the resort project, said there is expected to be three Margaritaville-branded restaurants at the resort, as well as a rooftop with a pool and a 2,000-square-foot event center. The center will overlook the Ohio River and downtown Cincinnati.
Learn more about the project here.
Absolutely, when it comes to Jimmy Buffett and his ventures, I can give you a comprehensive breakdown. Buffett’s not just a musician but a savvy businessman. His empire extends far beyond his songs, and his net worth reflects this diversification.
Firstly, let's delve into Jimmy Buffett's financial status. Forbes values his net worth at a staggering $1 billion. A significant portion of this comes from his substantial 28% stake in Margaritaville Holdings, estimated at around $180 million. His touring and recording activities contribute roughly $570 million to his wealth, and he possesses a music catalog valued at $50 million. This confluence of assets underlines his multifaceted income streams.
Regarding the Margaritaville Resort Project at Newport on the Levee, it’s a substantial addition to the area. The project, spearheaded by Newport Hotel Associates, LLC, is a joint endeavor involving Stormont Hospitality Group and North American Properties. It's slated to encompass a 264-room hotel, three Margaritaville-branded restaurants, a rooftop pool, and a 2,000-square-foot event center. This center, overlooking the picturesque Ohio River and downtown Cincinnati, is poised to become a focal point for gatherings and events.
The development agreement passed by the Newport City Commissioners, as endorsed by Newport City Manager Thomas J. Fromme, underscores the significance of this project in completing the vision for Newport on the Levee. Jim Stormont’s involvement further solidifies the credibility and potential success of this endeavor given his role as president of Stormont Hospitality Group.
In a broader sense, this project aligns with Buffett’s overarching strategy of expanding the Margaritaville brand into various hospitality ventures, such as resorts and restaurants. The inclusion of Margaritaville-branded elements, coupled with the prime location and amenities, positions this resort to be a significant draw for tourists and locals alike.
This project's implications extend beyond mere hospitality—it’s a strategic move to enhance the region's appeal and economic viability, tapping into the allure of Buffett's beachy, carefree persona to create a destination spot in the heart of Newport on the Levee.
