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Marriott International to Grow Residential Portfolio by 70%
Marriott International announced that it will expand its residential portfolio by more than 70% by 2020. According to the hospitality and residential owner, consumer demand is driving the decision, marked by trends including “an elevated desire to live in a walkable, mixed-use communities with a rich offering of amenities and services,” according to a release from the company.
The residences in question are condominiums. The company opened its first branded residences in 2000 under the Ritz-Carlton name. So far, Marriott opened 90 branded residential projects, and has more than 60 more in the pipeline. The properties operate under the Ritz-Carlton and St. Regis flags, and, more often than not, are part of a mixed-use community.
Marriott indicated it is observing an increase in signings for residential-only projects that don’t involve an adjoining hotel. For example, in May 2018, construction began on St. Regis’ first residential-only project in Rye, NY. During July 2018, Marriott signed a contract for a second St. Regis residential-only tower in Boston.
Pictured: Ritz-Carlton Residence, Sunny Isle Beach, FL
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