Marriott International has signed a slew of new projects, as it celebrates 25 years of growth in the branded residence segment.
Adding open and pipeline projects, Marriott Branded Residences now has close to 300 locations around the globe, in 50 countries. Its residences appear under 17 of the group’s brands.
A trusted brand presence
“The residential space is crowded,” said Marriott CEO Anthony Capuano. “One of the things we hear from our owners, over and over, as they try to navigate that crowded space, seeing one of our brands, immediately seeing what the product quality will be, what their expectations should be about service delivery, has been, and I think will continue to be a significant competitive advantage.”
The latest signings include projects in Detroit, Michigan; Muskoka in Canada; Gulf of Papagayo, Guanacaste, Costa Rica; and Jeddah in Saudi Arabia. These add to a momentum that has seen Marriott grow its branded residence portfolio by around 60% in the last five years. Looking ahead, Marriott has aspirations to more than double that presence.
Branded residences are typically built by third party property developers, then sold to individual owners who have the confidence of knowing that their property will be branded and managed by Marriott. At the times when they do not wish to use the asset themselves, owners can then opt to have Marriott manage the rental of the property, delivering them a return on their investment.
For residence owners, Marriott offers a number of additional perks, including an elevated status membership of the Marriott Bonvoy loyalty programme. Marriott has developed an owner platform, Onvia, that gives owners realtime access to everything they need to know about their residence – as well as being the ideal place to book their next trip.
The latest signings demonstrate the breadth and variety of residences offered by the Marriott team. In Detroit, for example, residences form part of a combined hotel and residences project in a new skyscraper tower. The development of the Edition hotel and residences is being undertaken by Bedrock Real Estate Partners and will occupy 45 floors of the block, with 97 condominiums offering stunning views across the city. The Edition luxury brand currently has residences at four locations, with seven more in development.
A broad choice of destinations
Next up, Marriott has signed to open the Ritz-Carlton Residences, Muskoka. Located north of Toronto, on a site overlooking Georgian Bay, this project being developed by the Density Group will feature 32 distinctive homes, all with large windows to make the most of beautiful natural views.
In Costa Rica, the Residences at the St Regis Papagayo Resort will again feature properties alongside an adjacent hotel, giving residents full access to a range of facilities including swimming pools, a spa and beach club. Developers will deliver 140 units, designed around the key features seen at a St Regis property.
Another St Regis branded project will be shortly taking shape in Jeddah, Saudi Arabia. There, local developers will deliver a St Regis hotel, with 191 branded residences alongside, expected to be complete in 2030.
