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designed to be turnkey.
Based on published figures, the villas cost approximately $ 1,143 to $ 1,250 per square foot at asking prices. The model is different from a conventional condominium development: residences are spread across a large property, with single-story architecture and private outdoor spaces helping establish a residential neighborhood atmosphere.
Though these residences are priced in the millions, they
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might be the best value going in hospitality real estate.“ Buyers here benefit from this property being a first mover, but other ultra-luxe hotels are following suit, so as we have seen in other markets, prices will inherently rise significantly in short order,” said Jackie Brown, founder of Akoya Hospitality, an asset manager focused on the ultraluxury hotel and residential assets segment.
There is no discounting the first-mover ideal. Fredericksburg
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is a burgeoning luxury destination that is currently devoid of big-name luxury brands. That’ s all changing, and while the Waldorf Astoria might be the first out of the gate, others are following, including Aman, which announced Amansanu earlier this year, it’ s ultra-luxury project among Texas Hill Country.
FIRST IN Harmon is a hospitality pioneer. He and his father, Bob, founded
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Auberge Resorts and basically created the Napa Valley hospitality market in 1981 when they opened Auberge du Soleil. It was a first-of-its-kind resort in the wine destination. As Brown points out, similar levels of luxury exist now in Napa Valley / Sonoma, such as Four Seasons Resort and Residences Napa Valley and Montage Healdsburg, where residence pricing per square foot ranges from $ 2,000 to $ 2,530.
Other comps include
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