In response to the growing demand from high-net-worth individuals (HNWIs) in India, luxury hotel chains are expanding their portfolio of branded residences. These residences aim to provide premium living experiences to affluent clients who seek world-class amenities and personalized services.
Marriott International and Hilton Lead the Way
Marriott International, the world’s largest hotel and branded residences operator, recently announced its first agreement for JW Marriott-branded residences in India. This move is a significant step as the company pioneers the operation of standalone branded residences. Additionally, Marriott is actively securing more agreements with luxury properties in tier one cities.
Hilton, another prominent player, is also exploring opportunities to expand the presence of its luxury brands, such as Waldorf Astoria and Conrad, in Indian cities. The aim is to establish branded homes that cater to the upscale market segment.
Partnerships and High-End Offerings
EIH, a well-known Indian company, has partnered with B I Luxury for Trident Residencies, its inaugural luxury branded residential project. The project is set to be completed by October this year and offers apartments and penthouses with five-star amenities. Prices for these residences range from Rs 180 million to Rs 450 million.
Notable owners of these branded residences include Sunil Kant Munjal, chairman of Hero Enterprise, and the Pai family of the Manipal Group. Their involvement further emphasizes the desirability of these luxury offerings in the market.
Appeal and Popularity of Branded Residences
India’s affluent population is drawn to branded residences due to the allure of world-class amenities and personalized services typically associated with luxury hotels. This trend is well-established in hospitality markets around the world, including the US, the Middle East, and Europe.
Nandivardhan Jain, CEO of Noesis Capital, a hotel consulting and advisory firm, states that developers are keen to tap into the immense potential of branded residences in India. The hardware and experience being offered are driving lucrative partnerships in various locations such as Solan, Chikmagalur, Goa, Dharamshala, and Udaipur. Feasibility studies and brand affiliation assignments are already underway for projects in these regions.
Growth Opportunities and Excitement Among Operator
Penny Trinh, Senior Director of Mixed-Use Development at APEC, Marriott International, expressed her excitement about the opportunities for growth in the branded residences segment. The increasing number of HNWIs in India and the growing demand for lifestyles that mirror the design, services, and amenities of luxury hotel brands have the potential to drive this market forward.
As luxury hotel chains continue to broaden their portfolio of branded residences, affluent individuals in India can expect even more options to experience premium living solutions that cater to their high standards and desires.
