A bedroom at Waldorf Astoria Costa Rica Punta Cacique , which will open next year . |
and resort pipeline including a residential component .
Accor , which has tentacles in myriad avenues of hospitality , is active in this segment , too . Jeff Tisdall , chief business officer , Accor One Living , and global head of mixed-use , said Fairmont Hotels and Resorts helped pioneer the category of branded residences beginning
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recognition of mixed-use as an asset class is driving heightened interest , particularly due to the growing popularity of live , work , and play consumer trends .”
In today ’ s economic environment , said Kara Randall , VP and managing director , luxury and mixeduse development at Hilton , ground-up deals frequently require a residential component to get completed , due to current capital markets , rising construction costs and interest rates . “ I ’ ve been doing this for nearly 20 years and in the past not seen many projects seeking branded
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residences ,” Randall said . “ It is now much more prevalent . All our luxury brands have this option and Hilton has an emphasis on growing this segment .”
There are still instances of a deal with only a hotel , said Randall , but that is becoming less common in the luxury space . With a midscale or upscale hotel , she said , it ’ s easier to finance a project without residences .
No different , Marriott International continues to see strong interest in these ventures , from both developers and customers , said Dana
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Jacobsohn , chief development officer , North America , luxury and global mixed-use . With that heightened demand , she said , many pipeline projects include a residential component . About two-thirds of the company ’ s luxury residential pipeline is co-located to a hotel .
Mixed-use with hotels is not new . Four Seasons has been involved with projects that include a traditional hotel with residential since 1985 . Since then , the company ’ s Private Residences have been a key pillar , today operating 54 locations around the world with 65 % of the upcoming hotel
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IT IS NOW MUCH MORE PREVALENT . ALL OUR LUXURY BRANDS HAVE THIS OPTION
– KARA RANDALL , VP AND
MANAGING DIRECTOR , LUXURY
AND MIXED-USE DEVELOPMENT ,
HILTON
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