Luxury Hotel Chains expand branded residences amid high demand

Encouraged by a surge in demand from high-net-worth individuals, luxury hotel chains in India are broadening their portfolio of branded residences to meet the preferences of affluent clients seeking premium living experiences. Marriott International, the world's largest hotel and branded residences operator, and a pioneer in operating standalone branded residences, recently entered into its first agreement for JW Marriott-branded residences in India at a tier one city and is currently in the process of securing more agreements. Similarly, Hilton is actively exploring avenues to expand the presence of its luxury brands like Waldorf Astoria and Conrad in metros to establish branded homes. EIH, a prominent player in India, joined hands with B I Luxury for its inaugural project in May 2022 under Trident Residencies. Shashank Bhagat, chairman of BI Group, that the apartments and penthouses will be ready for possession by October this year. These standalone properties, not situated within a hotel premises, feature five-star amenities and are priced between Rs 180 million to Rs 450 million. Noteworthy owners include Sunil Kant Munjal, chairman of Hero Enterprise, and the Pai family of the Manipal Group. According to hotel operators and investment advisory firms, the allure of world-class amenities and personalised services associated with luxury hotels is attracting India's affluent population to these branded residences. They assert that the concept is firmly established in developed hospitality markets like the US, Middle East, and Europe and is now gaining popularity in India. Nandivardhan Jain, CEO of Noesis Capital, a hotel consulting and advisory firm, stated, Developers are gearing up to tap into the immense potential, forming lucrative partnerships. We are actively conducting feasibility studies and brand affiliation assignments for projects in Solan, Chikmagalur, Goa, Dharamshala, and Udaipur. Penny Trinh, senior director of mixed-use development at APEC, Marriott International, commented, The increasing number of UHNWIs/HWNIs in India, coupled with a growing demand among domestic consumers for a lifestyle that mirrors our brands' design, services, and amenities that consumers have come to love during their travels, offers exciting growth opportunities for branded residences.