2023-06-13 14:30:59
©Mark Farwell/Accor
Carefree living, hotel feeling in your own four walls and convincing ROI options: According to the Accor hospitality group, branded residences, i.e. roughly the combination of a privately purchasable property with the amenities of a hotel and other special services for owners, are one of the major global ones Trends in the hospitality industry.
With Accor One Living, the company has already established itself as a central service provider for the development, design and operation of mixed-use offerings. The company now wants to grow from the current 40 to more than 150 branded residence offers by 2027.
According to Accor, this makes it the second largest developer and operator of branded residences worldwide. These are one of his fastest growing businesses. Accor currently operates around 40 branded residences around the world. Another 100 projects as part of 20 selected brands are currently in development. The objective: By 2027, more than 150 branded residences are to be put into operation within the Accor brand portfolio umbrella, which corresponds to an increase of more than 300 percent.
These properties are powered by Accor One Living: the platform is the first in the industry dedicated to the development, design and operation of mixed-use projects and branded residences. Through Accor One Living, homeowners, guests and partners are connected to the Accor ecosystem, which includes different brands, know-how and solution offerings.
“The combination of private apartments and popular lifestyle brands from the hotel industry is currently one of our most attractive growth areas,” says Jeff Tisdall, Chief Business Officer of Accor One Living. “Around the world we are seeing strong demand for properties anchored by the comfort and promise of a loved brand experience, creating a sense of belonging and community. This is particularly true for our lifestyle brands, where we see an important and growing segment of buyers looking for design-led brands with unique personalities.”
Global top locations as hotspots
Branded housing is one of the fastest growing sectors within the real estate industry, while at the same time the lifestyle sector in the hospitality industry is booming. The merging of both trends appeals to a new generation of homeowners who appreciate a modern and casual feel of luxury. Ennismore, a leading lifestyle hospitality company majority-owned by Accor, currently has 11 branded residences including Mondrian Residences Burleigh Heads in Gold Coast, Australia and Maison Delano Residences in Seoul, South Korea.
One of the world’s strongest markets for branded residences under the Ennismore umbrella brand is currently Dubai. There are currently three projects in progress. SO/Uptown Dubai Residences will open later this year with a total of 227 units.
Mama Shelter Residences Dubai is the world’s first Mama Shelter Residence. It will open in the Business Bay area of Dubai from the first quarter of 2024. Announced at the beginning of the year, only a few of the 204 residential units are still available.
SLS Residences The Palm Dubai is the Ennismore collective’s first standalone residence outside of America. Opening in 2026, it will offer panoramic views of Palm Jumeirah and the Dubai skyline. Highlights include the Small Little Secret Club, an exclusive condominium clubhouse with a private F&B concept, a cooking area, entertainment lounge, infinity pool and boutique gym. The total of 113 residential units were 100% reserved within 30 days of the announcement.
Sought-after brand classics
In the luxury segment, Accor continues to rely on its classic brands such as Raffles and Fairmont, which have been market leaders in offering branded luxury private homes for more than 20 years. Flagship developments include The OWO Residences by Raffles in London – an outstanding historic renovation project in collaboration with partners and owners Hinduja Group and Onex Holding – Raffles Residences Boston Back Bay, Fairmont Residences Century Plaza in Los Angeles and The Fairmont Residences Royal Palm Marrakech.
With more than two decades of experience as a leader in branded residences, Accor One Living also helps implement broader hospitality products within mixed-use properties, such as private clubs, co-working spaces and flexible office solutions.
Accor One Living brings together in a single unit the expertise required at each stage of the Accor project life cycle. The tailor-made 360-degree solutions there enable the well thought-out joint use of services, facilities and infrastructure and are therefore equally worthwhile for guests and owners.
According to Savills International Development Consultancy, the branded housing sector has grown by 150% in the past ten years and consists of more than 100,000 units in 640 projects worldwide. By 2027 there should be more than 1100 projects, which will almost double the current offer.
“Global demand for branded residences is being driven by multiple societal and demographic trends,” said Jeff Tisdall. “Drivers of growth include increased post-pandemic demand for second and third homes, as well as the desire for well-maintained, turnkey resorts that can even be sublet when homeowners are not on-site. Wealthy buyers also see the properties as an important element of their wealth management strategies and family legacies.” (OF)
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