It’s a very different vernacular and discipline. But it’s not easy to operate these homes. MG: Non-endemic brands from Porsche to Diesel to Cipriani are launching branded residences. We have buyers from New York City, who are making this their weekend retreat. Some of our buyers have been downsizers with roots in the community. We’re also building an incredible hotel there that’s like a modern country manor. TN: Nothing like it exists in New Jersey, with this kind of resort-style living.
MG: Pendry chose Natirar, New Jersey, for a new 500-acre branded-residence project. So while the Pendry West Hollywood is in an urban environment, for example, its living spaces are designed like homes, with very large outdoor spaces. In general, our buyer is looking at a multi-use space, and bigger-is-better has always been the mantra. We have a tough time selling residences that are smaller. TN: Demand from the Montage and Pendry buyer has always been for larger residences and homes. MG: Considering post-pandemic work/life patterns, are buyers in branded residences demanding bigger living spaces? It’s one of our benefits for owners, who buy those products and services for all their homes, not just ours. We partner with Delos, which has incredible products for the home. The expectation isn’t necessarily that it’s something over the top. TN: It’s on people’s minds and in their mindsets. MG: How much of a factor is wellness in driving purchase decisions? People haven’t forgotten that from the pandemic. I have the wealth now.” We’re seeing a reprioritization of needs for families. Younger buyers are saying, “I’m not going to wait until my kids are out of school. TN: We’re definitely seeing younger buyers from the high-net-worth and ultra-high-net-worth segments. MG: As the branded-residence sector evolves, are you seeing a shift in buyers? More: Storytelling Resonates With Luxury Real Estate Buyers, Says Brown Harris Stevens Executive It’s for environments and locations where Montage might not fit, but where we see the next generation of luxury traveler or buyer. It’s where service meets design, and another model of delivering our service culture. Pendry is a new-luxury brand that caters to world travelers who look at the vibe and energy of a hotel. Montage Hotels and Resorts is classic luxury-refined and sophisticated, unpretentious and personalized. Mansion Global: How do you differentiate the Montage and Pendry brands? Necrason talked to Mansion Global about demands around wellness, shifting needs among buyers, and the ever-growing appetite for branded residences. The sector, which has grown by 230% over the past decade to 580 developments from 133 brands with almost 100,000 units among them, is expected to exceed 900 projects by 2026, Savills said. The global supply of branded residences is set to almost double in the next five years, according to a 2021 report from real estate brokerage Savills. Pendry will soon open residences in Tampa, Florida, and New Jersey. Montage’s includes the Residences at Montage Cay in the Bahamas, set to debut in 2024. The Montage brand has seven hotels and seven residences the Pendry brand has six hotels and two residences. More: A Theater Major Turned Architect on His Approach to Design “From our flagship Montage property in Laguna Beach, all of our hotels have had a residential component,” Ms.
The branded-residence business isn’t new for the company, however. There’s an acceleration both in pricing and an acceleration of strategy to leverage what’s going on.” “What drives the general real estate market also drives our business. Montage and Pendry “have a $5 billion branded-residence portfolio, and it’s growing,” Tina Necrason, executive vice president of residential for Montage International, told Mansion Global.
properties, Pendry’s also made branded residences a significant part of its growth. In 2017, the company launched a less traditional sibling brand, Pendry, to appeal to younger buyers with growing wealth. Today, the brand operates seven hotels across the Americas, all of them with residences as part of the mix. A relatively young player in luxury hospitality, Montage International launched in 2003 with one oceanfront property in Laguna Beach, California.
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