S A L E S & M A R K E T I N G
branded
THE FUTURE OF
residential
MARRIOTT ISN ’ T THE ONLY COMPANY WITH AMBITIOUS GROWTH PLANS .
By CHLOE RILEY , ASSOCIATE EDITOR
Ritz-Carlton Residences , Waikiki Beach , Hawaii
The future of branded residential looks bright . In September 2018 , Marriott International declared plans to expand its branded residential portfolio by over 70 % by 2022 . Four Seasons Hotels & Resorts , which has had residences since 1985 , is embarking on standalone projects , and even midmarket Yotel got into the game , announcing Yotel- Pad in January 2018 ; properties are set for Switzerland , Dubai , Park City , Utah , and
Miami , targeting smaller , more affordable spaces toward a younger audience . “ We ’ re extremely pleased with the growth we ’ re seeing ,” says Tim Grisius , global real estate officer at Marriott , which sees international and luxury markets as the biggest residential opportunities .
“ Before we bought Starwood , we were very heavily concentrated with Ritz-Carlton . It was probably 95 % of our portfolio , and after the Starwood acquisition , we stepped back and said , ‘ What really should be our approach going forward ?’” The strategy involves going from 17 countries to 40 by 2026 with Ritz-Carlton and possibly St . Regis and Luxury Collection brands driving residential growth . Grisius says Marriott trends toward mixed-use projects but has utilized standalone properties on a caseby-case basis .
Four Seasons has a pipeline of more
52 hotelsmag . com March 2019