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By Nishang Narayan
Published on September 4, 2024
The global branded residences market is expanding at a notable pace of 12% annually, with its footprint extending across the USA, Thailand, UAE, Portugal, Greece, the UK, Brazil, Vietnam, and beyond. This surge is driven by a resurgence in luxury travel, an increasing desire to own lifestyle assets, and the perception of real estate as a safe haven. Factors like relocation and children’s education are also contributing to this growth. From the Waldorf Astoria in New York to the Standard Residence in Phuket and the Mayfair Park residence in London, branded residences are gracing affluent neighborhoods worldwide. India, too, has the potential to become one of the epicenters of branded residences.
According to a recent white paper by SKYE Hospitality, India could become an attractive destination for branded residences. While India already boasts a sizable supply of 2,900 units—accounting for approximately 10% of the global market supply—there is ample room for this niche, yet rapidly growing, luxury segment to flourish.
India has witnessed a significant increase in the number of affluent households. These modern HNIs (High Net Worth Individuals) and UHNIs (Ultra High Net Worth Individuals) are seeking exclusive spaces, top-tier amenities, and curated services, driving the demand for branded residences. A few years ago, features like in-home dining services, concierge services, exclusive wine cellars and cigar lounges, and wellness spas within residential projects seemed unimaginable. Today, thanks to branded homes, these offerings are gradually becoming mainstream.
Prominent brands, both within and outside of hospitality, have already ventured into this segment. Notable names include Yoo, Trump, Versace, IHCL, Leela, Four Seasons, Atmosphere Core, Marriott, and Oberoi.
"Despite significant growth in branded residences in recent years, what we have observed is just the tip of the iceberg. India has tremendous untapped potential to capitalize on. Average HNI Indians are spending generously on aspirational lifestyles, which will unravel a big market for branded residences. Interestingly, the trend will no longer be limited to big metros but will also percolate to tourist destinations and Tier-2 cities," said Mr. Ankit Kansal, MD of SKYE Hospitality.
In addition to strong demand driven by the rise in affluent households, India also offers a significant cost advantage. According to SKYE's study, average prices for branded residences in London, Miami, and New York are approximately ₹39.5 crores, ₹20.3 crores, and ₹60.2 crores, respectively. Average ticket sizes in other emerging cities such as Dubai (₹13.5 crores), Athens (₹17.9 crores), and Phuket (₹10.5 crores) are also high. In contrast, the average ticket size of branded homes in India is around ₹9 crores, with opportunities in the lower bracket as well (₹6-7 crores).
"Rich Indians are key growth drivers in international property markets such as Dubai, Singapore, London, and Athens. Now, with exclusive spaces and aspirational living available in their own backyard, many will likely turn their attention inwards rather than looking across borders," added Mr. Ankit Kansal.
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By Nithyakala Neelakandan
Published on September 18, 2024
IHG Hotels & Resorts is set to expand its presence in Pakistan with the launch of Holiday Inn & Suites Islamabad DHA II, following a franchise agreement with MGC Developments. The hotel, scheduled to open in August 2028, will offer 150 rooms and suites, marking a significant milestone in IHG's growing footprint in the region.
Holiday Inn, known globally for its commitment to guest-centered innovations, will introduce its signature Open Lobby concept at the new Islamabad location. This concept transforms the traditional hotel lobby into a multifunctional space that allows guests to work, relax, and dine seamlessly in a modern setting. Designed with the contemporary traveler in mind, this hotel aims to redefine hospitality in Pakistan’s capital.
Haitham Mattar, Managing Director for India, the Middle East, and Africa at IHG, emphasized the importance of this new venture. “The signing of Holiday Inn & Suites Islamabad DHA II is a significant milestone in our strategic expansion across the Southwest Asia region. With the capital city of Pakistan known for its beautiful scenery, vibrant culture, and strategic location, we are confident that our partnership with MGC Developments will further support the tourism sector, offering guests a comfortable stay and showcasing international standards of hospitality,” said Mattar.
Ch. Nouman Iftikhar, Founder & CEO of MGC Developments, shared his excitement about the partnership, stating, “We are thrilled to partner with IHG Hotels & Resorts, a globally acclaimed hospitality leader. This venture is part of our bigger goal to deliver hundreds of cutting-edge projects in Pakistan. We envision blending MGC’s distinctive experiences with IHG's unmatched hospitality expertise while fulfilling the city’s hospitality needs and contributing to Pakistan’s economic growth."
The hotel will also feature a range of modern amenities, including an all-day dining restaurant, bar, fitness center, outdoor pool, and spa. Guests will enjoy access to high-speed WiFi and meeting spaces, making it a convenient destination for both leisure and business travelers. Additionally, the hotel will offer the well-known 'Kids Stay and Eat Free' program, further enhancing its family-friendly appeal.
Situated in DHA Phase II, the hotel will provide easy access to Islamabad’s major attractions, including the Faisal Mosque and Pakistan Monument, while being strategically located for travelers heading to other parts of the country, such as Murree and northern Pakistan.
Pakistan’s hospitality sector is expected to grow rapidly due to increasing demand, and this project is aimed at tapping into the unbranded hotel market. With Islamabad being a popular destination for both local and international tourists, this new Holiday Inn property will cater to the city’s growing need for high-quality accommodations.
IHG currently operates 193 hotels across South West Asia, the Middle East, and Africa, with a pipeline of 160 more hotels set to open in the coming years.
The Ritz-Carlton has officially opened The Ritz-Carlton Rabat, Dar Es Salam, marking its debut in Morocco. Located within 440 hectares of lush forest and gardens, the luxurious palace offers a peaceful retreat in the capital city of Rabat, renowned for its cultural significance and rich history.
Helen Leighton, Vice President of Luxury Brands for Europe, Middle East, and Africa at Marriott International, expressed the significance of this launch, stating, “The debut of The Ritz-Carlton Rabat, Dar Es Salam marks a significant milestone for the Ritz-Carlton brand as we expand our footprint on the African continent and celebrate our first property in Morocco.”
The hotel provides a mix of modern elegance and traditional Moroccan craftsmanship. Guests are greeted with grand architecture, featuring high ceilings and intricate designs. The lobby is adorned with “muqarnas,” a traditional Arab-Andalusian element, alongside a striking Rococo chandelier and vibrant bonsai trees. The walls are decorated with Moroccan “Gebs” frescoes, showcasing local artisans' skill in plasterwork. The décor represents a blend of Arab-Andalusian culture, with modern touches throughout the space.
Christian Fomm, General Manager of The Ritz-Carlton Rabat, Dar Es Salam, noted, “At The Ritz-Carlton Rabat, Dar Es Salam, we honor the tradition of luxury and hospitality that has defined our brand for over a century. Our palace, set in a splendid natural environment, offers a serene and opulent retreat where every detail has been carefully considered to ensure a unique experience.”
The property includes 100 guestrooms and 17 suites, all with private terraces that overlook the pool and gardens. The Royal Suite spans 180 square meters, offering a luxurious experience that blends Baroque influences with Moroccan elements. Guestrooms feature ornate headboards, large mirrors, and marble bathrooms, creating an atmosphere of elegance. The vibrant colors and opulent fabrics in the rooms add a sense of freshness while maintaining classic luxury.
Dining options at the hotel include a variety of local and international cuisines. The Mediterranean Brasserie offers a refined dining experience, serving dishes made from high-quality Mediterranean ingredients throughout the day. The Lobby Lounge provides a relaxing setting for afternoon tea, with a selection of Moroccan and English teas, along with local sweets. For a more casual dining option, Palapa, the poolside bar and restaurant, serves Pan-American cuisine, including ceviche and tacos, complemented by refreshing cocktails. The Blind Tiger speakeasy bar, inspired by the 1920s, offers classic and signature cocktails, along with premium wines and spirits in a sophisticated, intimate atmosphere.
The hotel’s outdoor spaces include Andalusian-style gardens, designed for relaxation with fountains and mosaic patterns. The expansive pool area is a standout feature, surrounded by sunbeds and shaded cabanas, creating a peaceful oasis.
The Ritz-Carlton Rabat, Dar Es Salam also offers a luxurious spa with saunas, hammams, and massage rooms. The indoor pool, inspired by Roman baths, is flooded with natural light through a glass roof, providing a serene atmosphere. Additionally, a state-of-the-art fitness center is available 24/7, offering views of the surrounding gardens and the nearby Royal Golf Dar Es Salam, which features 45 holes spread across an oak forest.
For events and meetings, the hotel provides a Grand Ballroom that can host up to 400 guests, as well as 2,200 square meters of landscaped outdoor event spaces. The sophisticated indoor and outdoor areas make it an ideal location for weddings, conferences, and private celebrations.
Published on September 17, 2024
Centara Hotels & Resorts, Thailand’s leading hotel group, has confirmed the opening date of its newest family-friendly destination, Centara Mirage Lagoon Maldives, for November 1, 2024. The resort is the third Centara property in the Maldives and the fourth in its Mirage brand, which focuses on creating memorable experiences for families.
Located within The Atollia, a multi-island complex operated by Centara, guests at Centara Mirage Lagoon Maldives will also have access to the upcoming Centara Grand Lagoon Maldives, slated to open in early 2025. The new resort promises a unique experience with an underwater world theme, offering a range of activities and facilities that cater to families and children.
The resort features an extensive outdoor water area that includes a lazy river, swimming pools, a kids' pool, and a water playground. It also offers a kids' club, the child-focused Candy Spa, and the signature Spa Cenvaree, which is known for its relaxing treatments. Centara Mirage Lagoon Maldives aims to provide a fun and engaging environment for guests of all ages, ensuring an unforgettable vacation.
This opening is part of Centara’s "Future Growth" strategy, which was announced earlier this year. With construction completed, the final preparations are underway to welcome guests. Centara's warm hospitality and attention to detail are expected to be key highlights of the new resort, which further strengthens the company’s commitment to family-centered experiences in popular travel destinations.
To celebrate the launch, Centara is offering special introductory rates, along with complimentary stays and meals for up to two children under the age of 15. Guests will also receive free roundtrip speedboat transfers between Malé International Airport and the resort. Additionally, CentaraThe1 members can enjoy an extra 15% discount as part of the promotion.
The exclusive "Me & Centara" offer is available for bookings made before December 20, 2024, for stays between November 1, 2024, and October 31, 2025. Guests who complete their stay before December 20, 2024, will receive a voucher for a complimentary return stay of the same duration, which can be redeemed between May and September 2025.
For more details on this offer and to explore Centara Mirage Lagoon Maldives, visit: https://www.centarahotelsresorts.com/centara/cmlm/introductoryoffer
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