Project Canopy
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Industry
Agritourism
Company Type
Experiential Hospitality Platform
Size
5+ Million
Investment Type
Equity
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Sean Siehl | Managing Director |
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ssiehl@castleplacement.com |
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(843) 312-5994 |
Overview
Project Canopy is seeking a $5M+ equity investment to fund ongoing site development.
Project Canopy is a 63-acre regenerative agritourism campus on Kauai’s North Shore, operating as the island’s only integrated destination combining farm-to-table dining, events, luxury residences, and memberships under a rare grandfathered Special Use Permit (SUP).
Since acquiring the property in 2018, management has built a proven operating business platform generating ~$2M in revenue and 20,000+ visitors last year while also completing master planning, permitting, and design needed to build the campus to its full scale.
Construction of a substantially larger Restaurant & Event (R&E) facility and upgraded infrastructure is now underway, backed by ~$25.6M in secured capital (~$15.6M for the R&E facility, ~$10M toward homesite development). This $5M raise closes the remaining equity gap to fully unlock that next phase. Once online, revenue is expected to reach $10M+ annually within three years.
Business Model Overview
The global pet-care industry is expanding as owners increasingly treat pets as family and spend more on premium products that improve quality of life.
Opportunity
Capturing the fast-growing culinary tourism and luxury experiential tourism in a highly protected Kauai’s North Shore.
- Large, Growing Market: The global culinary tourism and luxury experiential travel market has reached $1.2+ trillion, driven by high-net-worth demand for place-based environments
- Shifting Consumer Trends: Travelers are showing a structural pivot toward nature-centric immersion, tactile on-farm activities, and cultural stewardship; 79% of Millennials and Gen Z seek destination-specific, hands-on experiences
- Regulatory Barriers to Entry: Kauaʻi’s tourism strategy prioritizes ‘quality over quantity,’ with policies aimed at limiting future visitor accommodations, enforcing land-use regulations, and restricting new transient rental development – properties with existing visitor-use entitlements and permits may benefit from increasing scarcity and barriers to new supply
- Global Players Joining the Trend: Leading global hospitality groups have deployed significant capital toward wellness, sustainability, lifestyle, and destination-driven hospitality platforms. Notable examples include IHG’s acquisition of Six Senses, Hyatt’s acquisition of Alila through Two Roads Hospitality, and Accor’s expansion of Ennismore – demonstrating growing institutional demand for experiential, place-based hospitality concepts
- No Direct Competitors: Zero integrated agritourism destinations on Kauai’s North Shore despite 1.4M annual island visitors and $4.1M median home prices – Project Canopy is the only solution
Competitors
Proven demand, no true competitor
Kauai’s operators prove the demand. Project Canopy captures the high-yield North Shore segment with an integrated model no one else offers.
Local demand is proven. The global market shows where it leads when paired with an integrated, high-margin farm-hospitality model.
Why Now?
A Rare Convergence of Scarcity, Demand, and Development Catalysts
- Irreplaceable Entitlements: Project Canopy controls 63 acres with grandfathered SPUs on Kauaʻi’s North Shore, new comparable developments face significant regulatory barriers
- Supply Constraints Are Increasing: Kauaʻi’s “quality over quantity” tourism strategy limits new visitor accommodations and hospitality development, enhancing the value of existing entitled properties
- Experiential Travel Is Surging: High-net-worth travelers are increasingly seeking regenerative, place-based experiences that combine wellness, sustainability, food, and culture
- Institutional Capital Is Validating the Sector: Global hospitality leaders including IHG (Six Senses), Hyatt (Alila), and Accor (Ennismore) have invested heavily in experiential and lifestyle hospitality platforms
- Near-Term Value Inflection Point: The current equity raise unlocks construction of the Restaurant & Events Center and Farm Homes, activating the next phase of revenue growth and asset value creation
Solution/Strategy
Establishing multiple reinforcing, high-margin revenue streams
- Activating a multi-vertical, low-density, high-yield campus that cross-sells destination dining, landmark events, high-impact member programs, and luxury residences on a single entitled site
- Launching a beautiful 140-seat “Island-to-Table” restaurant (opening 2028) conceptually integrated with 10 acres of on-site agroforestry, strengthening local food systems and minimizing carbon footprint
- Building a 6-home eco-luxury residential community split into 36 high-design co-ownership interests (1/6th interests in 5,000 sq. ft. homes on 3-4 acre private parcels), selling at ~$12M per home vs. ~$7M build cost
- Events business is the primary near-term revenue driver (2025-2027) with ~85% gross margins; projected to grow from $2M (2025E) to $4M (2026E) and $10-12M long-term
- Membership platform (“Ensemble”) provides recurring revenue and builds a mission-aligned global community; long-term revenue target of $3-4M
- Option to acquire neighboring 500-acre agricultural property (incl. 200-acre mahogany forest, the largest in the US) for $30M enabling 15 additional Farm Homes and ~200 workforce housing units
Management
Experienced financial and operational leaders in experiential hospitality, with deep roots in Hawaii
- Oliver Niedermaier (Chairman & CEO): Founder of TAU Investment; World Economic Forum Young Global Leader; former Operating Partner at Advent International (Ph.D., Ludwig Maximilians University)
- Geoff Davis (Executive Board Member & Chief Impact Officer): Board Chair of SOCAP; former CEO of Sorenson Impact Institute and Cicero Impact Capital (MPP, Harvard University)
- Jennifer Luck (CEO, Project Canopy Management): Over 14 years of operational leadership and regional program development; Board Member of the Hawaii Land Trust (MBA, University of Southern California)
- Gary Moore (President, Real Estate): Former Managing Director of Timbers Resorts and Managing Director of Hokuala Kauai; managed large-scale luxury resort portfolios
- Amy Meharg (Chief Financial Officer): Over 30 years of business management and corporate accounting experience, including a decade in construction financial systems (MBA, Rutgers University).
Specific Risks
- Financing Risk: Development timelines depend on successfully closing the equity raise and associated EB-5 financing
- Development & Construction Risk: Cost overruns, delays, labor shortages, or contractor performance issues could impact project timing and return
- Execution & Scaling Risk: Growth depends on successfully expanding from current operations into a fully integrated hospitality platform across events, dining, residences, and memberships
- Tourism & Market Risk: Revenue may be affected by economic conditions, travel demand, natural disasters, and changing tourism trends
- Residential Sales Risk: Farm Home and co-ownership sales may occur more slowly or at lower pricing than projected
- Regulatory Risk: Future changes to land-use regulations or permitting requirements could impact expansion opportunities despite existing grandfathered SUPs
- Competitive Risk: Increasing investment by major hospitality brands in experiential and regenerative travel could intensify competition
- Private securities are speculative, illiquid, and carry a high degree of risk, including the loss of the entire investment
