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Vienna welcomes its first hotel-serviced residences for sale

In recent years, Vienna has been abuzz with luxury hotel development. A Park Hyatt is under construction in the Golden Quarter, the Ritz Carlton has opened on the Ring (where Shangri-La had intended to open), and Four Seasons is rumored to be working on the renovation of an old courthouse.

But the Palais Hansen Kempinski on Shottenring is our favorite. The gorgeous 1873 palace building is located in Vienna’s prime first district and the restoration will create 153 rooms topped by 17 private residences for sale. Scheduled to open in 2013, it is expected to feature two restaurants, two bars, fitness center and spa, swimming pool and conference facilities, allowing residents to enjoy a full-service lifestyle quite unmatched to date in the Vienna marketplace.

According to Mercer in 2011, Vienna ranks as the city with the highest quality of life, and it is no surprise given its wealth of cultural and shopping offerings set amongst the city’s fine architecture protected by UNESCO World Heritage status. Local real estate professionals are tracking increasing residential prices for the best properties, like those at Palais Hansen, although many point to Russia as foreign buyers seem to be driving the trend.

Inside the apartments, the palace’s grandeur has been restored and complemented by modern fireplaces and fine interior finishings. In our opinion, the best of both worlds…