Why Wealthy Americans Are Ditching Fancy Hotels For Vacation Homes
An Exclusive Resorts villa on Peninsula Papagayo, Costa Rica Courtesy Exclusive Resorts
The usual desires for privacy and more space drive the trend, while expectations of exceptional amenities such as concierge support, private chefs, housekeeping and in-villa spas have become the norm. In response more luxury hotel operators are adding villa-style (a.k.a. branded residential) accommodations to their properties, away from the maddening crowds.
This year, according to Statista, the global vacation rentals market is expected to generate a revenue of $105 billion and reach $125 billion by 2029.
But competition is fierce, as the proliferation of fractional ownership and private membership club models continues, with French luxury players like Fontenille Collection and Iconic House adding evermore dazzling, design-conscious properties to their books. Others, like Equity Estates, offer globetrotting investors the option to invest directly in their real estate portfolio and potentially reap the rewards of capital appreciation. Earning money while traveling? Imagine that.
An Equity Estates holiday home in Tuscany, Italy. Courtesy Equity Estates
But the latest salvo at the ultra-luxe end of the spectrum comes from Exclusive Resorts, a private membership club which is majority owned by AOL co-founder Steve Case, and comprises a $1 billion portfolio of more than 400 private residences across 75 destinations.
'We operate, and control 70-plus percent of the real estate. And because we have one primary shareholder that owns the majority of the organization, we have a tremendous amount of flexibility in terms of how we strategically manage the growth of the club,' James Henderson, CEO of Exclusive Resorts, told Forbes. Growth Requires New Tactics
So, last month the company announced it is taking a minority stake in the Onefinestay vacation rental brand, owned by the French hotel giant Accor. Financial terms of the deal weren't disclosed, but it clearly enables Exclusive Resorts to cross-market across the two customer bases, and expand into new markets where it might not have a strong presence. Onefinestay lists about 3,000 homes, villas, and chalets across 40 destinations, including the gateway cities of London, Los Angeles, Paris and New York, and across the Caribbean, Tuscany, the South of France and Thailand. Both companies offer round-the-clock concierge support, airport transfers, housekeeping, and 24/7 guest assistance.
'For me, private villas and yachts are the most important kind of product out there for high net worth clients,' says Jaclyn Sienna India, CEO of Sienna Charles, a lifestyle and travel concierge agency. 'Because everything in that house or boat is all about you, and can be customized to very high standards. Staff can be handpicked, from the captain to the person serving you food.'
Having complete control over the travel experience without the responsibility of maintenance and insurance of the real estate can be rather appealing. This is why Case's company is now breaking into the branded residential business, the first of which is a development being built on Costa Rica's Cacique Peninsula on the northwestern Pacific coast. 'Many of the club's members are not only frequent travelers—they're also active buyers,' said Henderson. 'By entering the branded residential market, we are providing our members with an opportunity to invest in homes backed by the same quality, trust, and service standards they have come to expect from the club. And for the first time, we're introducing an extended stay option—a request we've heard for years.'
Inside the lounge at Nekajui, the new Ritz-Carlton Reserve in Costa Rica Jennifer Leigh Parker
Destination: Costa Rica
With a new Waldorf Astoria, Ritz Carlton Reserve, and an established Four Seasons, Costa Rica's Guanacaste province is very much the 'It' holiday destination this year. It's only about a 30-45 minute drive from Liberia's international airport and a key market for Exclusive Resorts.
On Peninsula Papagayo, a stunning crescent-shaped peninsula jutting straight out into the Pacific Ocean, Case's company already owns and operates 21 four-bedroom villas or 'jicaros' (fruit bowls) complete with private pools, fully stocked kitchens, outdoor showers, and access to a private beach club. Of course, it doesn't hurt that the whole place is surrounded by lush tropical nature reserves, and that members can cruise down the hill in golf carts to avail themselves of the neighboring Four Seasons' spa, restaurants and golf course.
Picture waking up to the sounds of the ocean, taking your morning coffee at sunrise on the private pool deck, and peering down a dramatic cliffside to see secluded bays and beaches beckoning with powdery white sand and turquoise waters. From here, your outdoor adventures begin. Costa Rica is an ecological marvel with jungles, rainforests, and active volcanoes, and people from all over the world come here for yoga or surfing retreats. If that's not your thing, you can easily explore other parts of Guanacaste on foot with epic guided hikes, take boat trips to spot whole schools of dolphins, fish for tuna or snorkel with sea turtles, dorado and colorful parrot fish in the surrounding waters. Pura vida , indeed.
Peninsula Papagayo Costa Rica Residence Courtesy Exclusive Resorts
The Villa Experience
Immediately, you get the appeal. The bar is fully stocked, there are fresh flowers in every room and there are not one, but two outdoor showers to match your private plunge pool and jacuzzi bathtub. You promptly run and jump on the made bed (vertiginous ceiling heights allow it), squealing like a toddler with delight regardless of your age.
As this is not a hotel, you can pretty much make as much noise as you want. Dance to the music. Use a megaphone to announce breakfast. Howl at the moon, like your new howler, capuchin and spider monkey neighbors! Their troops certainly won't complain, so this is going to be great. You live here now. That's your fridge, your espresso machine, and your brand new fluffy robe with matching slippers. Properly enrobed, you can fully embrace the fantasy that everything in the past is behind you, and you can finally just go stir that chilled martini Stanley Tucci keeps raving about.
The concept of room service seems quaint, when a specific list of groceries can be delivered and a private chef can be summoned to whip up local dishes like red snapper baked in a banana leaf, ginger rice, and savory sofrito. This being Costa Rica, the real culinary gems are also the simplest: think fresh, ripe mangoes, avocados, bananas, and coconuts fallen straight from the trees. And we haven't even talked about the quality of their famous coffee beans.
There's simply a lot to be said for this trendy style of travel. If you can afford the eye-watering membership fees. More From Forbes Forbes Virgin Atlantic Unveils Free Starlink Wi-Fi, OpenAI Partnership And More By Jennifer Leigh Parker Forbes Why Now Is The Time To Sail The Azores, In 12 Stunning Photos By Jennifer Leigh Parker Forbes LVMH Stake Helps Boutique Hotel Group Triple Its Growth Outlook By Jennifer Leigh Parker
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American Press
3 hours ago
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River trip across Europe: 500 miles, six countries in 15 days
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We sailed on three famous, immensely important rivers – the Danube, the Main, and finally, the Rhine when going into Amsterdam. I saw breathtaking beauty, both man-made and natural. Each day had some new wonder. But the greatest takeaway from the whole trip was a realization of the extent of my ignorance — how much I didn't know, didn't understand, and didn't appreciate. My first inkling of this ignorance came from looking at the itinerary. I had never heard of many of the places we would be visiting. Yes, I knew about Budapest, Vienna, Amsterdam and Cologne (kind of), but Bratislava, Melk, Dürnstein, Passau, Regensburg, Würzburg, Wertheim, Bamberg, Rüdesheim, Miltenberg and Český Krumlov? Not so much. And, while I knew something about Germany and the Netherlands, I was pretty vague about Hungary, Slovakia, the Czech Republic, and even Austria. Each place had a distinct story to tell. Here are just a few of the highlights for me: BRATISLAVA The realization of my ignorance started in Bratislava, the capital of Slovakia and a city of about half a million people, nestled on the banks of the Danube and within view of both Austria and Hungary. I was in a city that had gone through World War II on the Nazi side, and had only recently transformed from communism to a democracy. A lovely young woman, probably in her mid-20s, led us through the old part of the city up to the Bratislava Castle. As we looked over the walls toward the modern city and the river, she told us how times had changed. Because of democracy, she knew she had to work for a living, and whether or not she succeeded was up to her. However, she said, her parents had grown up in communism, and it was harder for them to realize that the state was not going to provide for their every need. They missed the old way. Bratislava was not always in Slovakia. It was in Czechoslovakia, which was formed after the collapse of the Austro-Hungarian Empire at the end of World War I. In 1939, Czechoslovakia was dismantled. It became the First Slovak Republic, a Nazi puppet state. I hadn't known this. We walked down the hill from the castle and came to a plaque on an old stone wall. It read, 'In this house in 1847 Sigmund Steiner established the Antiquarian Bookstore STEINER. The Steiner family lived here from the 19th century (except during the Holocaust) through the first half of the 20th century. The memorial plaque is also in memory of 16 members of the family who died in concentration camps in 1942-44. May their souls be bound up in the bond of everlasting life. Remember and never forget.' During World War II, more than 15,000 Jews were de port ed from Bratislava, and most died in concentration camps. Bratislava's Jewish Quarter was largely destroyed. I hadn't known that. The city was bombed by Allied forces in 1944 and liberated by the Soviet Red Army in April, 1945. Czechoslovakia was re-established. 'The people welcomed the Russians,' our guide told us. 'But we didn't know they were going to stay and occupy us.' Then came 1989. A huge public, student-led demonstration against the Russians began in Bratislava and Prague. It was called the Velvet Revolution because of its peacefulness; no shots were fired. I hadn't heard of it. Our young guide remembered another political split — the Velvet Divorce, so called because it was also non-violent. She recalled a morning in 1993. 'I woke up and my mother told me we were no longer Czechoslovakians,' she said. 'We were now Slovakians.' She explained that the two most powerful men in the country had both wanted to be prime minister. 'So they decided, just the two of them, to divide the country,' she said. Overnight, they created Slovakia and The Czech Republic. 'I was pretty surprised,' she said. I was, too. 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Putin got a warm Trump meeting. Europe is afraid Zelenskyy won't.
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Want your son to be a CEO? New study reveals the most powerful male name in the US — and you won't guess what it is
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