WEALTH HOSPITALITY GROUP, a new company formed by a merger of Fusion Hospitality and Heritage Hospitality Group, recently acquired the Residence Inn in Jackson, Tennessee. The company plans to renovate the hotel, which is its first major purchase since the merger.
Wealth Hospitality, based in Ridgeland, Mississippi, plans to begin renovating the 92-room Residence Inn in early fall. Its amenities include an indoor pool and a fitness center.
“Jackson, Tennessee is a mid-way point between two major cities Memphis and Nashville. This acquisition just made sense for us because of location and historical,” said Chico Patel, Wealth Hospitality’s co-founder and managing partner.
The Residence Inn is the company’s fourth property in the Jackson area. The others are a Holiday Inn Express, a Best Western Plus Executive Residency currently under construction and a 108-room Candlewood Suites scheduled to open next spring.
“We’re extremely pleased to be working with the Marriott brand once again,” said Bruce Patel, Chico Patel’s fellow co-founder and managing partner at Wealth Hospitality. “We believe this hotel will continue to thrive in this market.”
Bruce was Tupelo, Mississippi-based Fusion Hospitality’s CEO and Chico was CEO at Ridgeland-based Heritage Hospitality when the two companies merged in December. The new company has 59 open hotels with 5,213 keys in seven states, including Alabama, Texas, Oregon, Oklahoma, Tennessee, Louisiana and Mississippi. It plans to open three properties in the second quarter.
Along with hotels, Wealth Hospitality develops multi-family and assisted living facilities. Its brands include Hyatt Hotel Corp., Hilton, Marriott International, Best Western Hotels and Resorts and InterContinental Hotels Group.
“Existing established relationships across the board are already there, so this merger was a no brainer,” Chico said.
“Everything comes down to cost and return on investment, right? Because if we’re going to invest millions of dollars into a project, we want our return. And at Wealth Hospitality, we see that drive and vision, and together we believe the sky could be limitless in reality,” Bruce said. “And like anything in life, you get what you put into it, and we are willing to go the extra mile to ensure our guests and stakeholders are pleased with our developments.”
“We are going to be in high gear in terms of our investment opportunities and relationships. That’s why we push ourselves to achieve excellence through efficiency. We maintain transparency by keeping our partners informed every step of the way, and most importantly, we understand that when your investment is on the line, so is ours.” said Chico.
In October, Wealth Hospitality opened a 90-room Tru by Hilton in Mobile, Alabama.