In hotel homes news this week: new condo hotels planned for Seattle and Shenzhen, two condo hotel residences in NYC with record asking prices, plus new Ritz-Carlton properties in Miami Beach, Tianjin and Pearl Island.
These week’s news recap includes a record-breaking sale at the Ritz Carlton Residences Bangkok, a new record asking price at the Residences at Mandarin Oriental Boston, a new CEO for Four Seasons, Laura Ashley’s new hotel brand, a buyout for Commune Hotels, and new projects for Cartagena, Columbia, Knoxville, Tennessee, and Cairns, Australia!
This week’s news recap includes: Nick Candy’s $59 million penthouse at The Plaza, new developments for Santa Monica, Virginia Beach, Bangalore, Chicago and Lanai, buyer insights at the Mandarin Oriental Residences in Bodrum, and the world’s first luxury index of hotel brands!
Perhaps New York City’s best-known hotel, The Plaza has long welcomed prominent guests from around the world, for both short and extended stays. Originally opened in 1907, the hotel was initially designed with a mix of rooms for overnight guests, as well as larger corner suites overlooking Central Park which were reserved by prominent families for extended, several-month periods, including the notorious children’s book character, Eloise. One hundred years and an extensive renovation later, The Plaza Hotel currently offers hotel rooms, private residential condominiums and hotel condominium suites for sale under the same roof.
According to Elizabeth Lorenzo, a Senior Vice President with luxury brokerage firm Stribling & Associates who specializes in selling both property types at The Plaza, many of the buyers are drawn to the property because of its “reputation in the global market,” and because it occupies one of the “world’s most recognized locations, and one of the best in New York City.”
As part of our New York coverage this week, HotelHomes.com surveyed some of Manhattan’s top deal-makers and market commentators about the current environment in the luxury real estate sector – and where to get a good deal today on tomorrow’s hot property.
In 4 Words or Less, How Is the Market?
In its fifth month since launching, luxury property website HotelHomes.com has topped 20,000 visitors per month, a 50% increase over April figures. Founder Dan August Cordeiro attributes this increase to expanded brand awareness and general interest in the topic of luxury property affiliated with the world’s largest hospitality companies. “This industry is itself a trend story,” he said. “The luxury property market is a global one. Thus, the world’s biggest brands add increasing relevance in attracting the attention of high net-worth individuals.”
In its fourth month since launching, HotelHomes.com has exceeded 13,000 visits during April 2013, representing a 13% increase in traffic over March.
For the first time, Americans represent more page views than any other country, with India and Russia joining the United States in the top three source countries out of 180 by number of visits. Indicative of the global demand for luxury real estate in the world’s global cities, New York and the United Kingdom were among the top three most searched locations, joined by Florida. All of these markets are experiencing price appreciation and extensive new development, with record sales prices being reached for top properties in Manhattan, London and Miami.
Indeed, the most viewed development was the Four Seasons Private Residences Miami, where a $27 million custom combination home on the 54th floor is available for sale through Dennis Mangone of Douglas Elliman. HotelHomes.com continues to direct web traffic through to specific residences for sale through the brokerage community, topped by a $4.4 million residence at The Plaza in New York available through Elizabeth Lorenzo of Stribling & Associates, and a $5.495 million custom combination home at the Residences at the Ritz-Carlton Towers Boston, represented by Bruce McCue of Atlantis Associates Real Estate.
For the third month in a row, Ritz-Carlton and Four Seasons ranked in the top three most searched hotel brands on the site. This month, they were joined by the Montage brand, which currently has three residential developments in sales, located in Deer Valley, Utah, and Laguna Beach and Beverly Hills in California. Beach lifestyles remained the most searched, joined by city destinations, spa and casino residences.
“The hotel-branded residence sector continues to grow both in the number of properties and interest from high net-worth individuals, ” commented Dan August Cordeiro, HotelHomes.com’s founder. “These factors, combined with our branding and marketing efforts, are underpinning the site’s growth momentum.”
There is more than one way to skin a cat, but there are also hundreds – if not thousands – of ways for architects to design homes of specific sizes and styles. In this week’s “Layouts We Love” column, we take a look at four different 1200 square foot (111 square meter) homes in hotel-residential properties around the world.
At New York’s Plaza Hotel, overlooking Grand Army Plaza where Fifth Avenue meets Central Park, an oversized one-bedroom home measuring 1245 square feet (116 square meters) is currently on the market. This wing of the Plaza is available for primary or secondary home-ownership, and its renovation and restoration in 2007 created gracious residences while respecting the landmark building’s original windows and proportions. This 14th floor residence features a grand living room with a decorative fireplace mantel overlooking the treetops and city lights of Grand Army Plaza. This luxurious home features a separate kitchen, beautiful master bedroom suite with five-fixture bathroom and walk-in closet, as well as a powder room for guests. This residence is currently on the market for US$4.4 million, available through one of the building’s most successful agents, Elizabeth Lorenzo of Stribling & Associates.
Meanwhile in the Swiss Alps, the new Chedi hotel and residences in Andermatt combine modern Asian luxury with the area’s rugged chalet style. Measuring 118 square meters (1270 square feet), a third-floor residence offers a luxurious one-bedroom layout. Both its large living room and oversized bedroom open onto a long balcony, while its unique bathroom offers the option to fold back a wall to expose the wonderful mountain views while soaking in the bathtub. Denniston Architects have planned the interiors to maximize its open feeling, and sets of double doors, folding screens, and disappearing pocket doors optimize the flow between rooms, including the lavish dressing room with extensive closets – perfect for accommodating the ski season’s extra wardrobe changes.
Back in the USA, top Boston agent Tim Marsh of Marsh Properties, Inc. has recently sold a 1245-square foot (116 square meter) home at Four Seasons Place. The luxury building located on Boston Common was completed in 1985, and remains today as one of Beantown’s most desirable residential addresses. Located on the 11th floor with sunny southern exposure, its layout has a remarkable flow that maximizes its flexibility. Its living room has double doors opening both into a library that doubles as a guest room, as well as a kitchen that can be opened for casual living, or closed for formal entertaining. Its master suite features three closets, and an oversized bathroom that separates its large vanity and sink from a separate “wet room” with bathtub and toilet.
A world away in China’s 13th largest city of Chengdu, the new Residences at the Fairmont Chengdu form part of the Palm Springs development, combining high quality office space, luxury shopping, a new Fairmont hotel and luxury residences. Currently under construction and scheduled for completion in 2014, a 112 square meter (1206 square feet) residence is designed as an efficient apartment with up to three bedrooms. That may seem like a lot of rooms for 1200 square feet, but the living areas accommodate a generous living/dining room, entry foyer, separate kitchen and balcony. It’s three private rooms include a corner master bedroom suite with bathtub framed by an oversized window and separate stall shower, as well as a gracious dressing area. The second and third bedrooms can also be used as a study/library and media room.
Whether opulent grandeur in New York, luxurious flow in the Swiss Alps, flexible space in Boston, or efficient planning in Chengdu, there is a lot one can do in 1200 square feet. These four options represent some of our “best-in-class” favorites.
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