Briefs: Mansion gets new owner; Hybridge Capital acquires 2 in S.C.

Mansion on Turtle Creek gets new owner: The iconic 142-key Rosewood Mansion on Turtle Creek and its adjoining restaurant in Dallas, Texas, have been acquired by Dallas-based HN Capital Partners. The hotel was acquired in 2011 by a Hong Kong investor. The new owner will continue operating the hotel with Rosewood Hotels & Resorts, while planning upgrades to the property, further growing the luxury offerings and introducing new services. The hotel was last renovated in 2020, just ahead of its 40th anniversary. KSL Capital Partners and InterBank provided financing for the acquisition. InterBank provided a US$77.5 million loan for the purchase. HN Capital has control of a prime development site in Turtle Creek, which was earlier planned for a Mandarin Oriental hotel.

Sand Castle North

Hybridge Capital acquires in Myrtle Beach: Hybridge Capital Management, Los Angeles, California, has acquired two hotels in Myrtle Beach, South Carolina — Sand Castle North and Sand Castle South Beach — from the City of Myrtle Beach in an off-market deal. Hybridge Capital plans to revitalize both hotels and other assets in the portfolio in the next three years. Rusty Helms and Keystone Commercial represented both the seller as well as Hybridge Capital.

Ritz-Carlton to Wuhan: Marriott International has signed an agreement with Yuexiu Property to debut the Ritz-Carlton brand to Wuhan in central China. The Ritz-Carlton Wuhan will be housed at the upper floors of The Yuexiu Global Financial Center T5 Grand A Office Tower, a 330-meter-tall building. The hotel’s lobby, meeting rooms, ballroom and some F&B facilities will be housed three levels lower in the same building. The hotel will offer 205 rooms, a signature Ritz-Carlton Spa with a swimming pool and fitness center, 1,130 square meters in event space, including a 680-square-meter ballroom. The hotel’s interiors will be designed by London-headquartered KCA International. The Ritz-Carlton currently has over 100 hotels across 35 countries and territories.

AC by Marriott to debut China: Marriott International has signed an agreement with Suzhou Jingyuan Hotel Management Co. Ltd. to launch the AC Hotels by Marriott brand in Greater China. The 135-key AC Hotel by Marriott Suzhou will open in December and will feature the brand’s signature AC Kitchen and the AC Lounge & Bar. The hotel will also include flexible spaces, a fitness center, laundry room and meeting room. Currently, Marriott operates 15 hotels under eight brands in Suzhou. There are over 210 AC Hotels by Marriott hotels across 30 countries.

Hurricane Ian’s impact on Florida tourism: The impact of Hurricane Ian on Florida’s tourism infrastructure, specifically hotels, is estimated to touch US$5 billion. Lost revenue from tourists unable to visit the area is projected to reach US$2 billion. Cruise operators have been forced to cancel departures or reroute ships as ports on both sides of the state have been shut down, while the closure of Tampa International Airport has forced airlines to cancel thousands of flights.

Brand growth in Germany: With more than 13 hotels, Premier Inn emerged as the fastest growing hotel brand with at least 15 brands in Germany, according to the latest study by PKF hospitality group. B&B Hotels showed potential and is set to become the most represented brand in the German hotel market and might displace Best Western from the number one spot if the speed of expansion is maintained. With a decline of 17 hotels, Novum recorded the highest fall due to re-brandings at Novum Hospitality. Germany also saw a decline of traditional brands like Best Western, Steigenberger and Maritim. The midscale segment emerged as the biggest segment with a share of 41% of the hotel sample, with Adina Apartment Hotels and Leonardo (including Royal, Boutique) seeing the highest growth in the segment. The economy segment (+34 hotels) also saw a big jump. Six fastest-growing brands (in terms of rooms) belong to the economy/budget segment — niu, Premier Inn, Motel One, Moxy, Hampton by Hilton and B&B Hotels.

Ballard Inn announces new owners, expansion plans: The Ballard Inn in Santa Ynez, California, which was acquired by real estate veterans Christopher Hyldahl and Rick Ringer in September 2021, will be undergoing changes to its branding and design, along with expanded restaurant concepts and F&B programming. The property was previously owned and operated by Santa Barbara County Chef Budi Kazali and his family, who acquired the property in 2004. Whitney Able Melnick of Santa Ynez Valley-based company R2PxDESIGN is leading the property’s creative direction and interiors. The property will soon introduce a new, second dining concept located outdoors in the side yard. The new F&B platform will be based on a wood-fire oven.

22 Hospitality buys majority stake in Capital Hotels: Capital Hotels, the Abuja, Nigeria-based owner of the Sheraton Hotel Abuja, has announced 22 Hospitality Ltd. has acquired 66.1% of its outstanding shares in exchange for a controlling stake in the company. 22 Hospitality acquired the first set of ordinary shares, accounting for 51% of the hotel’s equity, through private placement. 22 Hospitality also bought ordinary shares, representing 14.45% and 0.68% of the equity share capital of the company, from Hans Gremlin Nigeria Ltd. and Associated Ventures International Ltd., respectively. Following the buyout, Chairman Chief Anthony Idigbe and four other directors of Capital Hotel have resigned. Ramesh Kansagra was elected the new chairman.

Inflation, cost of travel impact travel intent: Inflation and the rising cost of travel have convinced some Americans to stay at home, while higher-income households and Boomers plan to keep traveling and are expected to increase their spending on travel in the next year, as per a new study from MMGY Travel Intelligence. About 63% of Americans plan to go on a vacation in the next six months, holding steady with the volume seen earlier in the summer but a 10-point dip compared to the corresponding period last year. Among those not planning to vacation in the next six months, 40% said they were concerned about their financial situation or the soaring cost of travel. Fewer adults are planning to travel this season, down from 42% in 2021 to 36% this year. Those who plan to travel for leisure in the next 12 months will spend significantly more than those surveyed last year at this time (US$3,785 this year from last year’s US$2,758). About 56% of Gen Zs and 61% of millennials are influenced by the quality of the culinary scene when deciding where to stay. Social media plays a significant role in planning vacations, with four out of 10 millennials stating that digital content creators and celebrities influence their travel decisions (38%). About 57% of millennials have made travel purchases based at least partly on a social media post by an influencer or celebrity.