Ridgeland development company Wealth Hospitality, which has multiple projects going around the Jackson metro area as well as around the nation, is making waves on the Mississippi Gulf Coast.
In the latest project from Chico Patel of Wealth Hospitality, there are two new extended-stay hotels under construction.
Both are expected to break ground in 2025.
"The market of Biloxi, obviously it is a leisure market with casinos and family options and there is also (Keesler Air Force Base)," Patel said. "It's hard to believe but there is not one extended-stay hotel in that market. If you look at all the hotels, there are no extended-stay options for a person to spend several days with their family with a kitchenette or just an extended get away."
So, Patel jumped in with two projects.
Mississippi Coast Projects
One will be a Home2Suites by Hilton, a $20 million project which will be located at 612 Beach Boulevard. It will be a 105-room, extended-stay hotel that is within walking distance from the beach on the Mississippi Sound.
It is expected break ground at some point during the first quarter of 2025 and be completed in 2026.
"We are in the process of bidding it out and getting estimates at the moment," Patel said.
Second, and just down the street, Wealth Hospitality is also working on at Residence Inn by Marriott, a $24 million project, at 964 Beach Boulevard in Biloxi.
This extended-stay six-story facility will have 100 rooms and also be within walking distance of the beach. It will break ground by the summer of 2025 and be completed in 2026. It will have a full kitchenette, a sofa sleeper and a separate desk area.
"On this one, we are working with the city getting the historical exterior detailing just right," Patel said. "Biloxi wants their hotels to have that historic feel, which is taking a little longer than expected. But it is going to be a great asset in the long run, for sure."
In both instances, the hotels have to be built 18 feet above flood stage because of concerns with storm surge with tropical storms and hurricanes.
"That's one reason why a lot of people haven't come into the market," he said. "There is an extra expense on the front end, but we are working with that."
Patel went on to say that the Coast has really rebounded well after Covid-19 and there are many reasons to invest there right now.
"We feel like long term with all of the festivals, the car shows, the convention center, everything is going to be good there," he said. "It's a good time to be in that market."
Jackson area projects
Wealth Hospitality recently completed a $20 million, 118-room WoodSpring Suites by Choice Hotel Group in Pearl.
Patel's group also recently announced that ground is expected to be broken on a $25 million 111-room boutique-style Hampton Inn with first-floor retail and dining space along State Street between the Station pizza restaurant and Pig and Pint BBQ during the first quarter of 2025.
Wealth Hospitality also owns and developed the 108-room Holiday Inn Express in Ridgeland, which was completed in the Spring of 2024 at a cost of $16 million as well as a Tru By Hilton next door to that.
Wealth Hospitality mainly works with Hilton, Hyatt and IHG for development.
Patel said his company has built more than 70 hotels nationwide the last 10 years and has another 40, including the one in Fondren and a couple of more in the Jackson Metro area in the pipeline to be built in the next 24 months.
By: Ross Reily
Posted: November 20, 2024
Source: The Clarion Ledger
Ross Reily is a writer for the Clarion Ledger, part of the USA TODAY Network. He can be reached at rreily@gannett.com or 601-573-2952. You can follow him on the X platform, formerly known as Twitter @GreenOkra1.