Boutique Hotel News has held its latest Feed Your Mind in partnership With Clyde & Co Mandarin Oriental Mayfair hosts a talk on the topic branded residences.
Roundtable discussions are held over breakfast, dinner or lunch. Each event is designed for hotel service providers to have the opportunity to inform, shape, and influence the market.
In partnership with Clyde & Co, the latest Feed Your Mind event focussed on the opportunities within branded residences and the convergence of hospitality and living.
Some of the main takeaways that you can learn from this discussion are:
- Brands that manage residences are required to comply with all applicable residential regulations and housing standard. In management agreements, a brand must accept reference to legislation eg. Housing Act (UK).
- Individual countries have specific controls around residential and planning – what you can do in one country may not necessarily be the case in others.
- Overly high service fees can discourage buyers. It is important to balance the buyer’s expectations with the amenities available.
- The selection of a brand should be done as soon as possible. Retrospective brand alignment may result in unanticipated premium increases or brand abandonment by existing homeowners.
- Renting a home and signing a strict lease before selling it will minimize the chances of disputes with the owner.
- It is common for co-located residences to be preferred over hotels, as they can share amenities and have a simpler service charge. The ‘cost’ of standalone branded resi with all amenities and services are being carried by the residences alone.
- A brand may command a premium price (the average global premium is 30%), but the real value comes from a genuine collaboration between developer and brand. The conversation should not be centered around premiums but rather on service and quality standards.
- What is the value a brand has? A brand is more than a logo. Real estate has changed the way brands outside of hospitality can reach out to new customers.
The companies represented were: Aston Martin (the host), Belmond, Cheval, City Apartments (the venue), Chris Graham Associates, Clivedale Hotel, EQ Group Hyatt, Lore Group Pro-Invest Rhodium, Savills Six Senses The Ascott Limited The Other House WATG, The Other House and many more.
Click here to find out more about Feed Your Mind. here Contact Katie Houghton by phone at katie@internationalhospitality.media / +34 711 02 42 31.
