There's nothing like staying at a five-star hotel — but what if you could live on vacation year-round?
It's certainly not news that branded residences have completely captivated the luxury real estate market. We're now seeing everyone from Aston Martin to Major Food Group getting in on the trend. But the interesting thing here is that the brands who started the trend and are most well-known for it — hotels — are doubling down on the residential experience and introducing standalone condo properties in emerging markets. They're confident that luxury buyers want guaranteed service, but will pay to not share a pool with a hotel guest... and they're right.
Four Seasons Private Residences Coconut Grove (pictured) launched sales in Miami this spring and is the brand's first project in Florida without an attached hotel, a huge milestone for the global brand. The developers, Fort Partners and CMC Group, are prolific in South Florida and saw the value in introducing a property that offers the world-renowned reputation (and property values!) of Four Seasons combined with the privacy that uber-luxury buyers increasingly seek.
It's paying off. The condo reached more than 30% sold in less than a month. They're seeing Four Seasons brand loyalists, plus family buyers who want to be close to Coconut Grove's exceptional schools, but not have their children live among transient hotel guests, empty-nesters "rightsizing" to a home that's spacious but doesn't come with all the hassles of a house, and more.
We're also seeing this trend with brands like Mandarin Oriental, which now has residential-only properties in NYC and LA, with Mandarin Oriental Residences, Fifth Avenue and Mandarin Oriental Residences, Beverly Hills. Also, in Texas with The Ritz-Carlton Residences, The Woodlands outside of Houston, and Four Seasons Private Residences Lake Austin. We're even seeing the trend abroad, with Fairmont Residences Mayakoba and One&Only Mandarina Private Homes in Mexico offering standalone branded residences.
