For anyone who has dreamt about never checking out of their hotel, Accor is expanding its collection of hotel-style branded residences that are up for sale. Jenny Southan reports
Leading hospitality group Accor now operates more than 70 hotel-style branded residences around the world under 16 brands ranging from Raffles, Banyan Tree and Orient Express at the top end, to Swissotel, Novotel and Tribe.
Accor’s branded residences include privately owned apartments, villas and chalets that are developed, designed and serviced to the standards of one of its globally recognised hotel brands.
They are usually co-located alongside an Accor-managed hotel, although standalone residential projects are on the rise as well.
Branded residences “combine exclusivity and the comfort of luxury living,” says Accor. In resort locations, buyer may also have the option to participate in a managed rental program, enabling them to generate income when not staying in their home personally.
A good example is the Fairmont Century Plaza Residences (pictured below), which has single-story and townhouse homes designed by Yabu Pushelberg that reside within the Fairmont hotel, which opened in September 2021. Concierges, 24-hour valet and security are all provided.Also opened in 2021 is the SLS Dubai Hotel and Residences – one of Ennismore’s flagship properties (Accor merged with Ennismore earlier this year). The SLS Dubai has 254 hotel rooms, 321 hotel apartments for extended stays and 371 residences for sale.
Jeff Tisdall, senior vice-president of development, residential and extended stay at Accor, says: “Accor’s activity in the hotel-branded residences sector is a perfect example of the froup’s entrepreneurialism, innovation and powerful drive to lead the industry in any venture in which it gets involved.
“Accor brands like Raffles and Fairmont have been pivotal in the evolution of branded residences for nearly two decades. Thanks to these trailblazing frontrunners, we’ve been able to apply the expertise we’ve acquired by introducing private residences to a number of our brands in recent years.
“Accor now offers the industry’s most comprehensive portfolio of branded residences, introducing inspiring new visions for homeownership across a wide spectrum of consumer segments.”
A growing trend
According to 2021 data from Savills International Development Consultancy, the branded residences sector looks set to maintain its resilience and continue its run of growth.
The last decade has seen the number of branded residences increase by 230 per cent, adding more than 50,000 units across 356 schemes.
Meanwhile, Knight Frank’s Global Buyer Survey 2021 revealed that 39 per cent of residential real estate buyers would be willing to pay a premium for a hotel branded property, citing services and amenities as the top motivation.
Agnès Roquefort, chief development officer of Accor, says: “It’s an exciting time as we are seeing an increasing preference among developers and hotel owners for projects that combine a hotel with a private residence component.
“Consumers are eager to invest in real-estate that will be managed by a trusted hotel brand with the knowledge they’ll also have access to an atmosphere and experiences that are near to their heart. A key focus of Accor’s development strategy is to accelerate the expansion of our branded residential portfolio, with the right projects in the right markets.”
Down in Australia, the Mondrian Residences Gold Coast (also part of Ennismore) saw all it 84 branded residences sell out within six months of their release earlier in this year.
Forthcoming Accor branded residences
One of Accor’s most anticipated flagship properties is Raffles London at the OWO and The OWO Residences by Raffles.
With no two homes alike, 85 residences are being developed within the historic Grade II Listed former Old War Office building in London. Closed to the public for over 100 years, the OWO has undergone a transformation over the last five years in order to create the capital’s first Raffles hotel with 120 rooms and suites, plus 11 restaurants and bars, and a spa.
Stephen Alden, CEO for Raffles and Orient Express, which are both part of Accor, says: “At The OWO Residences by Raffles, homeowners will have the privilege of living within a rare location, benefitting from a world-renowned hotel on their doorstep, while enjoying the serene privacy of being at home.
“Our goal is to elevate the residential experience. Whether it’s a private dinner by a favorite chef; a bespoke art consultation; or a sudden whim for martinis at midnight – our Raffles Butlers and dedicated concierge team will provide residents with all the legendary warmth and intuitive service that generations of Raffles guests have come to know, love and count on.”
Also coming up
- Raffles Boston Back Bay Hotel & Residences (pictured above) – The first mixed-use development in North America for Raffles Hotels & Resorts, the property offers 146 branded residences, 147 guestrooms, and 16 distinct gathering spaces. Opening 2022.
- MGallery Residences MontAzure Lakeside – Accor’s first branded residences project in Thailand. There are 236 spacious studio and one-bedroom residences, with options to combine to create larger units. Planned to open in 2023, the property is within the landmark MontAzure development, which covers 72 hectares of mountain to beachfront land on Phuket’s sunset coast at Kamala Bay.
- Pullman Residences Newton, Singapore – Opening in 2023, residents will have access to club lounge service ambassadors who can arrange dog walking, dry cleaning, housekeeping and catering, personal shopping, personal training and private transportation. A “While You Are Away” maintenance package puts residents’ minds at ease while travelling.
- SO/ Kuala Lumpur Hotel & Residences – Coming in 2023, this will be Ennismore’s first lifestyle branded residence in Asia. It will have 590 residences, in addition to 207 hotel rooms as part of a large-scale mixed-use development with an office tower, retail mall and two additional luxury hotels with residences.