by Mia Taylor
Last updated: 12:40 AM ET, Thu September 6, 2018
Marriott International will grow its branded residential portfolio by more than 70 percent over the coming four years thanks to increased interest in homes affiliated with such brands as Ritz-Carlton, St. Regis, EDITION and W Hotels.
Already the largest branded residential company in the lodging industry with nearly 90 projects open, the company said in a statement that it has a pipeline of more than 60 additional signed and approved projects in both resort destinations and gateway cities.
In 2017 alone, the company signed 13 branded residential projects, which it said was an annual record.
"As the number of residential condominium buyers grows globally, Marriott International's well-known brands are ready to welcome them home and deliver a distinct experience," Tony Capuano, executive vice president and global chief development officer, Marriott International, said in a statement. "We are excited to work with world-class developers to help them deliver highly desirable and successful branded residences to market."
A confluence of consumer trends are fueling the demand for the residences, the company said, including evolving demographics worldwide and an increased desire to live in walkable, mixed-use communities that offer amenities and services.
"Residential developers know that we are not just involved with creating a beautiful luxury residential project with a compelling list of amenities and services," said Capuano. "We're also laser-focused on creating dynamic communities where people can enjoy a convenient lifestyle and personalize their experiences - just as they do in our hotels, which is why Marriott International expects growth in this segment to continue."
Branded residences are usually part of larger, mixed-use developments that include a hotel of the same brand.
Marriott International's Ritz-Carlton brand continues to be the company's most popular among the branded residences with 35 projects open and 15 in the pipeline.
St. Regis is also gaining momentum with 12 open and 12 in the pipeline. By 2022, about 70 percent of the company's branded residential properties are expected to involve one of Marriott International's luxury brands.
Future growth data, however, shows that this segment isn't just for luxury seekers anymore. About 30 percent of Marriott International's branded residential pipeline features premium, non-luxury brands such as Marriott Hotels, Sheraton, Westin, and Autograph Collection.
By 2022, Marriott International expects to have open branded residential projects in nearly 40 countries and territories. The company plans to open 19 branded residential projects in nine countries in 2018 and 2019, including:
-Jordan: 79 St. Regis-branded residential units located in the heart of Amman's central business district and shopping area opened in July, alongside the new St. Regis Amman hotel expected to open early next year.
-Mexico: 21 branded residential units at The Solaz, A Luxury Collection Resort, in Los Cabos, Mexico, along with the 128-room hotel, expected to open this month.
-United States: A residential-only Ritz-Carlton project with 211 luxury residences in South Florida's Sunny Isles Beach, expected to open next year.
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