SPECIAL REPORT
prices start at $ 3.6 million for a 1,200-square-foot , onebedroom , two-bathroom unit to $ 40 million for the penthouse with its own lobby , elevator and staff ) and one in New York City ( with junior suites to two-bedrooms priced from $ 2.5 million to $ 15 million ) developed by SHVO and set to open later this year . There are also 20 hotel-connected residences open or under development .
“ Real estate is all about location , location , location — and branded residences are no different ,” said Adelina Wong Ettelson , global head of residences marketing at Mandarin Oriental Hotel Group . “ We put an emphasis on location when deciding where to develop standalone residences versus co-located developments .”
Ultra-high-net-worth individuals have high expectations , but when they are paying top dollar for a certain lifestyle , brands have to deliver . “ Buyers of standalone
The rooftop at Virgin Hotels Miami .
residences seek a true turnkey experience with the assurance of a five-star hotel group taking care of their needs 24 / 7 ,” Wong Ettelson said .
Home is where you hang your hat and with branded residences the hat rack is extended throughout the property . Consider an owner at Mandarin Oriental Residences Beverly Hills : “ She has a three-bedroom apartment but spends much of her time using the rooftop living room space and pool area , hosting dinners and cocktails for the Super Bowl and other events ,” Wong Ettelson said .
Mandarin Oriental currently operates nine residences , with an additional 17 in the pipeline that include locations in Honolulu , Boca Raton and Miami in the U . S . and , internationally , the Maldives , Dubai , Da Nang , Munich , Muscat , Athens and London .
BUYER PERSONA And just who are today ’ s branded residence owners ?
Rosewood ’ s Berry indicated it depends on the market . “ At our resort destinations , both the guest and buyer are typically families … for our upcoming standalone residences , many inquiries are coming from existing residents of the destination looking to make a local move or upgrade their homes ,” he said .
Accor One Living ’ s Tisdall commented on the spectrum of choice among branded residences ; it has widened significantly , attracting new demographics and psychographics to the sector .
As example , Tisdall noted a brand such as Swissôtel , which provides the opportunity for Swissôtel Residences that emphasize sustainability , natural materials , fitness and community bonding . “ It ’ s a
COVID CREATED A POST-PANDEMIC REAL ESTATE BOOM WHERE BOTH THOSE WHO ARE LOOKING TO MOVE OR INVEST IN KEY MARKETS WERE SEEKING OPPORTUNITIES TO PURCHASE LUXURY LIFESTYLE REAL ESTATE
– GREG DOMAN , CHIEF DEVELOPMENT OFFICER , VIRGIN HOTELS positioning and aesthetic that appeals to an increasingly powerful segment of the market ,” he said . “ We see this type of innovation and brand modernization continuing and we are inspired by the opportunity to help our partners spot and address niches in the market or underserved types of homebuyers .”
Mandarin Oriental ’ s Wong Ettelson tags them as a mix of younger professionals looking for pieds-à-terre and fully furnished residences in metropolitan cities , as well as a mix of UHNWIs seeking coprimary and secondary homes .
“ When developing our future residences , we keep in mind the trending demands for multifunctional spaces , wellness amenities , outdoor spaces , enhanced home systems and more to cater to our buyers ,” she said .
Each residence at Mandarin Oriental Residences , Beverly Hills , for example , features an outdoor garden and the Grand Penthouse at Mandarin Oriental Residences , Barcelona has a customizable floor plan , “ so the buyer has the final say in home design ,” Wong Ettelson said .
24 hotelsmag . com Jul / Aug 2023