Marriott International has announced that its branded residential portfolio is expected to grow by more than 70 percent in four years (2022) as both consumers and residential real estate developers seek homes affiliated with its brands.
As demand for luxury soars, more people seek residences carrying brands such as Ritz-Carlton, St. Regis, EDITION and W.
Also read: Why is experience the new luxury?
Branded residences are usually part of larger, mixed-use developments that include a hotel of the same brand. But Marriott International is increasingly seeing an uptick in signings for residential-only projects that do not involve an adjoining hotel.
With nearly 90 branded residential projects already open, Marriott has a pipeline of more than 60 additional signed and approved projects. In 2017 alone, the operator signed 13 branded residential projects, so the company plans to open 19 branded residential projects in nine countries in 2018 and 2019.
In May, construction began on the St. Regis brand’s first residential-only project in Rye, NY, and in July, Marriott International signed a contract for a second St. Regis residential-only tower in Boston.
"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," said Tony Capuano, Executive Vice President and Global Chief Development Officer, Marriott International. "We are excited to work with world-class developers to help them deliver highly desirable and successful branded residences to market."
For buyers, owning a residence bearing one of Marriott International’s luxury brands also means greater assurance that they will have quality services at the ready such as concierge assistance, housekeeping, in-room dining, spa and fitness facilities.
"Residential developers know that we are not just involved with creating a beautiful luxury residential project with a compelling list of amenities and services," said Tony Capuano. "We’re also laser focused on creating dynamic communities where people can enjoy a convenient lifestyle and personalize their experiences – just as they do in our hotels, which is why Marriott International expects growth in this segment to continue."
The company opened its first branded residences in 2000 under the Ritz-Carlton brand and has been expanding ever since, especially after Marriott acquired Starwood Hotels and Resorts.
Future growth data, however, shows that this segment isn’t just for luxury seekers anymore. About 30 percent of Marriott International’s branded residential pipeline features premium brands such as Marriott Hotels, Sheraton, Westin and Autograph Collection.
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