Market Trends

📍 Weller Development Partners and Pegasus Capital Advisors unveiled a $250-million masterplan for Six Senses Grand Bahama. The 50-acre resort features 70 villas, 28 residences, a Six Senses Spa, restaurants, and a beach club. Olson Kundig designs the 4-6 bedroom residences with optional boat slips. Aiming for LEED Silver with local materials and energy conservation, construction starts end of 2023, opening in 2026. ????

🍴 Nuri Steakhouse opened on August 20, 2023, in Dallas' Uptown, with a $20 million design and buildout cost. The 9,500 square foot venue offers seating for 150 inside and 50 outside. Wan Kim, Smoothie King’s global CEO, introduced the steakhouse presenting a menu that blends steakhouse classics with Korean flavors, designed by culinary director Minji Kim and executive chef Mario Hernandez. It also features a wine cellar with 750 labels and 6,000 bottles, curated by master sommelier Barbara Werley.

🏠 Bedruthan Hotel & Spa offers a unique stay overlooking Mawgan Porth beach, with rooms equipped with Hypnos beds ensuring a restful sleep. Hypnos, with over 120 years of experience, caters to diverse hospitality needs and has partnered with Bedruthan to enhance guest comfort. The hotel features adaptable guestrooms with beds and sofa beds. Hypnos will showcase at the Independent Hotel Show, Olympia, on 15-16 October, and at HIX, Business Design Centre, on 27-28 November.

📝 Kartik Pandey from India, with a past in Korea, aims for a career in hospitality finance and is planning to specialize in International Hotel Development and Finance in semester 7 at Glion. Glion London hosts 200-300 students, 3-4 times fewer than its Swiss counterpart, allowing for a more personalized learning environment. The London faculty consists of industry professionals actively working in the hospitality sector. Kartik enjoyed London's diverse culinary scene and acted as a Student Ambassador. Charlotte Vrignaud is pursuing a Bachelor’s degree in International Hospitality Business at Glion and completed a semester at Les Roches Marbella. The campus is close to the beach and town center, offering insights into Spanish and Portuguese cultures. Charlotte highlighted Les Roches' focus on innovation and entrepreneurship compared to Glion's luxury hospitality emphasis. Editor’s note mentions that transfers to Les Roches Marbella are limited and on a first-come, first-served basis.

🍸 Non-alcoholic spirits are increasingly prevalent on menus, rising by 487% over four years to feature on 2.8% of U.S. menus. Younger consumers often opt for these beverages to socialize without alcohol. Brands like Seedlip offer booze-less options that rival traditional spirits in complexity. The shift in perception from "mocktails" to standalone menu items caters to both drinkers and non-drinkers.

📌 Driftwood Capital announced the initial closing of its Driftwood Florida Space Coast Portfolio, LP for hotel assets in Florida's Space Coast. The fund consists of four beachfront properties, including brands like Marriott, Hilton, and IHG. Upon completion, these will represent 11% of all Space Coast hotel rooms and 62% of beachfront inventory. The portfolio will feature over 1,200 guestrooms, 166,000 square feet of meeting space, and 21 food and beverage outlets on 36 acres. The Space Coast expects 111 rocket launches in 2024, with projections of over 300 by 2028, increasing tourism and business travel. Driftwood has exceeded $1 billion in its hotel development pipeline, with $500 million worth of projects under construction or starting in 2024.

🏖️ Driftwood Capital's latest fund, Driftwood Florida Space Coast Portfolio, LP, has amassed $330 million, targeting hotel assets on Florida's Space Coast. The fund’s portfolio will control 11% of the region's guestrooms and 62% of beachfront hotel inventory with the opening of Westin Cocoa Beach resort. Their presence since 2013 has helped catalyze the area's growth. The portfolio includes Westin Cocoa Beach Resort (502 guestrooms), Hilton Cocoa Beach (295 guestrooms), Element by Westin Melbourne (130 guestrooms), and Crowne Plaza Melbourne (290 guestrooms), totaling over 1,200 rooms. Space Coast is witnessing increased demand, with 111 rocket launches anticipated this year, up from 72 last year, and a projection of more than 300 launches by 2028. Driftwood's development pipeline is valued at around $500 million, with projects under construction or breaking ground in 2023.

📈 Saladplate, Informa Markets' hospitality, food, and beverage hub, offers weekly news, a monthly newsletter, and a bi-monthly e-magazine. It features a supplier directory with over 10,000 brands and updates on more than 35 international trade events.

🍽 Bret Thorn, Senior Food & Beverage Editor for Nation’s Restaurant News and Restaurant Hospitality since 1999, hosts the podcast "In the Kitchen with Bret Thorn." He covered New York City's restaurant scene for The New York Sun from 2005-2008. In Thailand during 1992-1997, he contributed to Manager magazine and Asia Times. A Tufts University magna cum laude graduate and Phi Beta Kappa member, Thorn studied at Le Cordon Bleu in Paris and in China at Nanjing and Beijing Universities, witnessing the 1989 Tiananmen Square events as an ABC News runner. His work earned the 2006 Jesse H. Neal National Business Journalism Award and he was president of the International Foodservice Editorial Council in 2005. Thorn was inducted into the Disciples d’Escoffier in 2014 and has written for the Oxford Encyclopedia of Food and Drink in America and the Oxford Companion to Sugar and Sweets.

🏢 UBS sold its 23-story, 920,000-square-foot office building at 135 West 50th Street in New York for a mere $8.5 million, a steep discount from its $332 million acquisition in 2006. The sale reflects a 97% value erosion, despite a $76-million renovation. The building is 35% occupied with design issues like low ceilings and awkwardly placed columns. UBS turned a profit selling the ground for $285 million in 2019 after buying it for $279 million in 2012. The ground lease expires in 2123 with 99 years of rent remaining.