As demand for luxury lifestyles soars, more homebuyers seek residences with brands like Ritz-Carlton, St. Regis, Edition and W.
Marriott International has announced that its branded residential portfolio will grow by more than 70% in the next four years, “fuelling demand” for these apartments.
The news comes as both consumers and residential real estate developers seek homes affiliated with Marriott’s brands such as Ritz-Carlton, St. Regis, Edition and W, “everywhere from Mexico to Malaysia and Boston to Bangkok”, as the hotel giant puts it.
Marriott says it is the biggest branded residential company in the lodgings industry. With nearly 90 branded residential projects already open, the company has a pipeline of more than 60 additional signed and approved projects in locations ranging from resort destinations to gateway cities to emerging markets.
In 2017, the company signed 13 branded residential projects, setting an annual record. Marriott claims its brands “are flourishing where high-value real estate buyers work and play”.
“As the number of residential condominium buyers grows globally, Marriott International’s well-known brands are ready to welcome them ‘home’ and deliver a distinct experience,” says Tony Capuano, executive vice president and global chief development officer at Marriott.
Demand for branded residences is being fuelled by a range of consumer trends such as “evolving demographics worldwide and an elevated desire to live in walkable, mixed-use communities with a rich offering of amenities and services”, Marriott says.
For buyers, owning a residence bearing a luxury brand also means greater assurance that they will have quality services like concierge assistance, housekeeping, in-room dining, spa and fitness facilities.
Most such projects are located in the United States, but the company also operates them in 17 other countries and territories and is expanding its international portfolio.
By 2022, Marriott expects to have open branded residential projects in nearly 40 countries, with 19 to be unveiled in nine countries in 2018 and 2019, including Jordan (79 St. Regis-branded residential units in Amman’s central business district), Mexico (21 residential units at The Solaz, a Luxury Collection Resort, in Los Cabos, along with a 128-room hotel) and the United States (a Ritz-Carlton project with 211 luxury residences in South Florida’s Sunny Isles Beach).