_Branded Residences Report | Locations in focus: New York and Dubai
New York
Hotel branded residences have been a key segment of New York City’s luxury market since the original hotel serviced residential apartments at The Sherry-Netherland and The Carlyle.
The early 2000s saw a resurgence of large-scale hotel-branded condominiums, notably the opening of The Residences at Mandarin Oriental New York in 2003 as part of the mixed-use Time Warner Center development perched on the prime southwest corner of Manhattan’s Central Park. This revival reflected the rapid expansion of global wealth and the focus of New York as a key global city for high net worth individuals.
In the 15 years since, a number of hotel branded condominium developments have created a popular niche in the prime and super prime development market. While previously clustered in historically prime neighbourhoods on the Upper East Side and Midtown, new hotel branded developments have now extended into the prime Downtown market. Midtown’s Baccarat Hotel and Residences, which sold out in 2017, boasts the world’s first Baccarat Hotel and views of Central Park. With the crowning duplex penthouse selling for more than $42 million in 2016, condominium residents here have access to five-star hotel services and amenities.” Andrew Wachtfogel, Douglas Elliman.
Image: Baccarat Hotel and Residences, New York
Dubai
In a city renowned for its plethora of 5-star hotels, the emergence of branded residences in Dubai has become increasingly common.
In recent years Dubai has transitioned from a holiday destination, to a city in which to invest in a more permanent home. The global citizen is looking for a more sophisticated offering in Dubai that will elevate their living experience to incorporate not only great design and architecture but also the benefits of resort living private beaches, spa facilities, concierge and Michelin-starred restaurants.
The branded residence offering in Dubai has raised the bar even further, with its first super-prime development. Located on the Palm Jumeirah, directly adjacent to the iconic Atlantis The Palm resort, The Royal Atlantis Resort and Residences provide a selection of 2, 3 and 4 bedroom apartments, penthouses and garden suites. Not only does the development benefit from all the world-class amenities and experiences that one would expect from a best-in-class hotel, it also occupies one of the world’s most prime locations in global real estate terms and is set to become the new icon of Dubai.” Maria Morris, Knight Frank.