Accor has provided an update on the progress of its branded residences business line. The group currently has some 40 branded residence communities around the world, with another 100+ projects under development across 20 brands.
By 2027, Accor expects to have more than 150 branded residences in operation, an increase of more than 300%. Accor One Living, the group’s platform focused on the development, design, and operation of mixed-use projects and branded living communities, will support these properties.
According to Savills International Development Consultancy, the branded residential sector has grown 150% over the past decade. In four years’ time, global current supply levels are expected nearly to double to 1,100+ projects.
Branded residences are therefore one of the fastest growing property types in real estate, whilst lifestyle is the fastest growing segment in hospitality. Accor’s lifestyle collective, Ennismore, has 11 branded residences open and 26 under development, including Mondrian Residences Burleigh Heads in Gold Coast in Australia and Maison Delano Residences, Seoul.
Dubai is a particularly strong market for Ennismore branded residences. It currently offers three properties in the emirate:
SO/ Uptown Dubai Residences – The property is set to open later this year and will offer 227 units.
Mama Shelter Residences, Dubai – Only a few of the residence’s 204 homes remain available ahead of its projected opening in the first quarter of 2024.
SLS Residences The Palm Dubai – Set to open in 2026, all of its 113 homes were reserved within 30 days of their release.
Beyond lifestyle, Accor is also targeting the luxury segment as an area of growth for its branded residences offering. Flagship developments include The OWO Residences by Raffles in London, Raffles Residences Boston Back Bay, Fairmont Residences Century Plaza in Los Angeles, and Fairmont Residences Royal Palm Marrakech.
Accor One Living also supports the integration of other innovative hospitality products into mixed-use developments. This extends to private clubs, coworking, and flexible office space solutions. These tailored, 360° solutions are aimed to enrich the experiences of guests and homeowners alike.
The intersection of private residences and lifestyle brands is one of our most compelling areas of growth right now – two areas in which Accor leads the global hospitality industry and is continuing to push forward. Around the world, we are seeing strong demand for homes that are anchored by the comforts and promises of a beloved brand experience, providing a sense of belonging and community. This is particularly true for our lifestyle brands, where we see an important and growing segment of residential buyers who are seeking design-led brands, with unique personalities that celebrate modernity, creativity, compelling food and drink, and extraordinary experiences.
Jeff Tisdall, Chief Business Officer at Accor One Living