Branded residences in India: Luxury hotel chains expand their market presence
,
ITC Hotels
, Wyndham Hotels & Resorts and
Radisson Hotel Group
are among a growing suite of companies pursuing branded residence opportunities in India. Add to the list two big Italian names—a luxury fashion house with interests in apparel and home furnishings and a luxury lifestyle major that's into real estate and hospitality.
ITC Hotels MD Anil Chadha told ET this week it's in talks to enter the segment in India. Nandivardhan Jain, founder and CEO of Noesis Capital Advisors, said his company has undertaken over 17 feasibility studies for branded residences over the past two quarters, with half of these projects in advanced discussions for locations such as Mumbai, Delhi NCR, Bengaluru, Chennai, Goa, Solan, Coorg and Chikmagalur.
The global branded residences market is valued at $60 billion, with Asia accounting for 42% of this. India, where the market is still nascent, has an 8% share of Asia's branded residence market, ranking among the top six countries in the region by market value.
Such residential projects are typically established by, or in association with,
luxury hospitality
and fashion brands. These homes offer prestige addresses and brand-linked standards to go with them, along with premium pricing. Some may have brand's hotels adjoining the property.
Jain estimates India's branded residence sector is projected to grow by 60% over the next five years, reflecting the appetite for luxury and service-oriented living, particularly among highnet-worth individuals (HNWIs) and non-resident Indians (NRIs).
ITC is considering leveraging its boutique brand Storii. 'We are exploring if we can build Storii villas around a Storii property. In the Welcomhotel space, we are exploring opportunities for residences,' Chadha added.
Marriott International is 'actively' exploring opportunities to expand its branded residence portfolio across the country through 15 brands. These include JW Marriott, St Regis, Marriott, Westin, Sheraton and The Ritz-Carlton, said Penny Trinh, vice president for mixed use development at Marriott International, Asia Pacific (excluding China).
'We are in discussions for several new locations that align with our strategic vision and brand standards, including both tier 1cities and established lifestyle destinations,' she added.
The first of these, under the Westin brand, is expected to be launched by Marriott International and is anticipated to be completed in 2031. Developed by Whiteland Corp, this Westin Residences project is expected to be the biggest globally under the brand.
As per the official Whiteland Westin Residences website, prices for three-bedroom units start at Rs 5.85 crore.
Radisson Hotel Group is also examining opportunities in markets such as Jaipur, Goa and other tier 1destinations for branded residences, said Nikhil Sharma, MD and COO for South Asia at the chain. Radisson is 'well-positioned' to introduce this model in India, given its global experience in managing branded residences in markets such as Dubai and Istanbul, he said.
'Our aim is to integrate hotelgrade services into premium residential living, providing homeowners with access to concierge, wellness, housekeeping, and curated dining experiences,' Sharma said. 'We are evaluating brands such as Radisson Blu and Radisson Collection to ensure consistency in quality and service delivery.'
International lifestyle brands that have achieved success in West Asia are also pursuing opportunities, said Deepak Jain, founder of Mayfair Consultants.
Currently, we are assessing projects ranging from 60-120 apartments for locations such as Goa, Gurugram, Greater Noida and Mumbai,' he said.
Dimitris Manikis, president of the EMEA region at Wyndham Hotels & Resorts, told ET last month that he's keen to explore possibilities in the space in India, perhaps lower down the price range.
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