In this week’s news recap: hotel branded residences among recent top sales in Boston and San Francisco, Ritz-Carlton Waikiki could expand its plan for more residences, plus openings in London, Bangalore, Israel and Charlotte.
Global hotel brand Rosewood Hotels & Resorts has opened its latest “ultra-luxury” five-star hotel in the prestigious city of Abu Dhabi in the United Arab Emirates. The project is the first Rosewood-branded property to open in the Emirates, and joins three properties currently operating in Saudi Arabia. Rosewood Hotels & Resorts has been growing its portfolio extensively outside of its origins in North America, and also has new residences for sale in Indonesia, Thailand and the Bahamas.
Hotel-branded residences – defined as for-sale apartments or villas bearing the brand of a major hotel chain and under its management and available for use at the option of the owner – have been rapidly multiplying across the globe as real estate developers and hotel operators see the value that the luxury residential components add to the development fundamentals.
Increasingly popular throughout the United States and Canada over the past two decades, these types of projects are now gaining momentum all around the world, with nearly 200 properties now operating. For the first time, the pipeline of hotel-branded residence projects under development is now greater in Asia-Pacific than any other world region.
For some buyers, living in a beachfront home with hotel services is just not enough. Those looking for an exceptional five-star experience that extends all the way to the sand and sea should consider these three hotel-residential properties with exceptional beach amenities.
Off the western coast of Thailand, the island of Phuket occupies an enviable location on the coastline of the Andaman Sea, part of the Indian Ocean. Long recovered from the devastating tsunami which struck in 2004, tourism development on the island is once again booming. This is thanks in part to its accessible location, and its international airport which is undergoing an extensive expansion but already includes regular flights to major Asian hubs like Singapore, Hong Kong and Dubai, and direct flights from far-off feeder markets like Moscow, Sydney and Rome.
Long before the invention of the modern skyscraper, privileged New Yorkers have enjoyed an exclusive group of luxury hotels where they could own hotel residences – combining classic designs, cherished locations and superlative five-star hotel services. Located on the Upper East Side, The Pierre, The Sherry-Netherland and The Carlyle are the “Grand Dames” of the city’s original hotel residential buildings, and remain some of its most desirable.
Rosewood Hotels & Resorts, the refined luxury hotel management firm founded in Texas in 1979, has announced two new Indonesian hotel projects with residences slated to open in 2017. Having grown to 18 operating hotels with seven others in their development pipeline, Rosewood has been growing its brand throughout the Middle East and Asia, and the new projects located in Jakarta and Bali will join a roster of branded residences in Phuket, Thailand, Baha Mar, The Bahamas, and The Carlyle Hotel in New York.
In Indonesia’s capital city of Jakarta, Rosewood Residences will be part of a new development in the Satrio corridor in the city’s central business district, known as Ciputra World 3. The new tower will feature 200 luxury hotel guestrooms and 160 for-sale residences, designed by Hong Kong-based Benoy.
Meanwhile on the tropical isle of Bali, Rosewood is planning a new resort development to be known as Rosewood Tanah Lot Bali, nearby the famous Tanah Lot Temple. The 30-acre property will feature 80 suites, 40 villas and 20 private residences for sale. Global design firm WATG will serve as lead designer, highlighting the property’s black sand beaches, sea views and surrounding paddy fields. The interiors will be designed by Hong Kong-based Andre Fu of AFSO, including the hotel, residences and various restaurants.
Both of the new properties are being developed by the Ciputra Group, a publicly-traded Indonesian developer, while embracing Rosewood’s ”Sense of Place” philosophy to create unique destinations. However, both properties will feature two Signature Rosewood features, including The Pavilion meeting and events space, as well as the Sense Spa, offering unique local treatments.
“We are delighted to have partnered with Ciputra Group to establish two world-class Rosewood properties in this dynamic and important market,” says Radha Arora, president of Rosewood Hotels & Resorts. “With Ciputra Group’s longstanding success and reputation in the country, combined with the expertise of our international team, Rosewood Tanah Lot Bali and Rosewood Jakarta promise to become another two outstanding properties in our collection.”
As part of HotelHomes.com’s “Mega-Project Week”, we are checking up on the world’s most ambitious mixed-use resorts and destinations, starting with the remarkable Baha Mar project in Nassau, The Bahamas.
Located on the Bahamas’ famed Cable Beach and dubbed the Bahamian Riviera, Baha Mar is now fully under construction and scheduled to open in December 2014. The massive project was originally conceived nearly ten years ago, but has been progressing full steam since receiving financing from the Export-Import Bank of China and breaking ground in February 2011. In February 2013, the resort’s tallest structure, the 25-story Baha Mar Casino & Hotel, topped off, a milestone that put the project at the mid-point of completion.
Majestic in scale, the resort is set on 1,000 acres along a 3,000-foot stretch of white sandy beach, only 12 minutes from Nassau’s International airport. With an estimated cost of over US$3.5 billion, it will include four distinct hotels with residences for sale, an 18-hole 72-par championship Jack Nicklaus Signature Golf Course, and ESPA destination spa, a 100,000 square feet casino on par with the best in Las Vegas, an extensive convention facility, and ultra-luxury retail and entertainment venues. Even global music icon and 4 time Grammy Award winner Lenny Kravitz is involved in the project. Baha Mar will partner with Lenny Kravitz and his creative firm, Kravitz Design to create a dramatic atmosphere for Baha Mar’s signature nightclub.
When open, Baha Mar will boast 2,200 hotel rooms spread across four major hotel brands including Rosewood Hotels & Resorts®, Mondrian, a Morgans Hotel Group property, Hyatt Hotels and Resorts, as well as the new, dazzling centerpiece of Baha Mar, The Baha Mar Casino & Hotel. “One of the strengths of the residential product is that we have a mix of offerings to meet a variety of preferences,” says Phillip Day, vice president of residential sales. “The Grand Hyatt has high brand recognition globally and is known as a high-quality leisure property. The Rosewood is known as one of the most luxurious of the top-tier brands. The Mondrian is one of the cutting-edge, chic lifestyle brands which attracts yet another audience. Our casino residences are over-sized units, uniquely designed for those drawn to what will be the Caribbean’s largest gaming facility.”
Only around 300 of the 2,200 hotel rooms and suites will be offered for sale, mixed among the four hotels, and representing the larger suites and villas. These residences can be used by the owners at will, or rented by the hotel to generate income.
Thus far, sales have launched around the globe, and more than 40 contracts have been processed, including some of the largest beachfront villas. According to Chris Collins, Senior Director at IMI, sales in the prime US market are set to commence this spring. Residences range in price from US$1.5 million for a one-bedroom residence at the Grand Hyatt to over US$17 million for a Rosewood beach villa.
While Baha Mar compares in size to the nearby Atlantis, its development as a single-phase project was a strategic decision designed to garner global attention and critical mass. According to Tom Dunlap, president of Baha Mar Ltd., “We are very fortunate that the vision of our owner and the support of both our lender and the construction group have afforded us the ability to present all of Baha Mar in a single grand opening vision. Everything from the choice of four hotels to the largest casino in the region to the conference center and the golf course will be ready on that day.” Indeed, the impact is expected to be profound, estimated to add $11.2 million to the country’s GDP over a 20-year period.
If the goal was to capture our imagination with Baha Mar’s impressive scale and lifestyle offering, we must admit that it has certainly worked on us!
Fairmont Branded Residences to Come to Istanbul in 2016
Four Seasons Residences Planned for Washington, DC Adjacent to Existing Hotel
New $34 million Price Record in Miami at the Residences at the Miami Beach Edition
Whole Foods To Open a Wellness Resort in Texas
$120 Penthouse at the Pierre in New York Coming Up For Sale
Grand Opening of the Palais Hansen Kempinski Vienna
SLS Hotel Condo in Miami Officially Announced
Penthouse at Ritz Carlton Towers Boston Rented for $30,000/month
$5 million Penthouse at Mandarin Oriental Boston Coming To the Market
Three-Bedroom Resale Listed for Sale at the Residences at the Ritz-Carlton Philadelphia
Retail Space at the Ritz Carlton Residences Magnificent Mile Chicago Sold
Amari Residences Phuket Wins Property Award
Chicago Spire Debt Offered for Sale
Parent Company of Rosewood Resorts Plans IPO