Castleton Hotel Partners (CHP), Washington, D.C., is taking a bigger step into the ultra-luxury hotel sector with initial plans to develop three or four Capella hotels managed by West Paces Hotel Group and its founder, legendary hotelier Horst Schulze. CHP Founder Bruce Bradley told HOTELS on Monday that the private development company, which includes joint venture equity partners Point Ford Management Limited (PFML), a Southeast Asian investment firm, has longer-term goals to develop other luxury brands after sourcing the initial deals in key U.S. and European gateways over the next 24 months.
The first hotel from the group, the 49-room Capella Georgetown in Washington, D.C., which includes another equity partner, ICG Properties, Washington, D.C., has broken ground. Construction will commence shortly after the New Year with a projected opening date of December 1, 2012, according to Bradley.
The hotel interiors are being designed by renowned interiors architect Peter Silling & Associates and will include an intimate signature restaurant and bar with outdoor seating along the historic C&O Canal, a modern and elegant private rooftop lounge, a rooftop indoor-outdoor pool overlooking the Potomac River and several Washington landmarks, a guest-only spa and fitness center, the pre-arrival services of personal assistants, luxury car service, 24-hour room service and a unique wine cellar for private dining.
Bradley said the partnership with PFML prefers to acquire and reposition existing hotels, but is willing to convert other asset types or build from the ground up as a third option. “This is a long-term hold for us, as we want to build a very special portfolio to keep,” he added.
Bradley’s Castleton Holdings has been a commercial office building developer until this recent transition into hotels. “We like the sector and want to build a special portfolio of trophy properties in major capitals and gateways,” he said. “Right now we are very much focused on Capella Hotels and Resorts. We bought into the concept and the brand in a big way, and it is our primary focus.”
Bradley added that his interest in the hotel sector developed as a result of his experiences as a traveler and his belief that evolving ultra-luxury customers’ needs are not being met. “We saw a shift where at the high end of the market, large box luxury brands were no longer satisfying the needs of ultra-luxury consumers,” he explained. “We are not sure ultra-luxury and group and corporate business are compatible. The top end buyer is looking for a different experience and is no longer satisfied with traditional luxury brands.”
