The Covid-19 pandemic has forced people to reevaluate their lives and to consider how and where they choose to live.
Branded Residences: A “Win-Win-Win” Formula
It is generally accepted that the first branded residential development appeared in the 1920’s on New York’s Fifth Avenue, where the Sherry-Netherland Hotel operated successfully alongside its own cooperative serviced apartments. This was followed in 1929 with the opening of The Carlyle Hotel and private residences in nearby Madison Avenue. Thereafter, the branded residence concept as we know it today did not catch on for several decades until, in the mid-1980’s, Four Seasons sold out its hotel condominiums in Boston. The first international scheme followed in 1988, when 30 branded villas were launched for sale at Amanpuri Resort in Thailand.
Recognising the enormous potential, Four Seasons seized the opportunity to expand its portfolio across North America; in 1992, the company established an international presence through its purchase of Asiabased Regent Hotels. A relative latecomer, Ritz-Carlton only entered the market in 2000 with the launch of its Washington DC residences. Today, with over 80 completed projects between them (and a further 40 in the pipeline), these two brands continue to dominate the global hotel branded residences market – although others others (notably Accor) are gaining ground.