Accor on track to open thirty eight branded residential projects
Accor, a world-leading augmented hospitality group, with over 425 properties across India, Middle East, Africa and Turkey, is set to open one branded residential project every six weeks throughout 2023 and 2024, of which approximately 46% will be located in the India, Middle East, Africa & Turkey region.
Accor has been operating private residential communities for more than 20 years, managing extraordinary collections of homes under premium, luxury and lifestyle brands. These privately owned apartments, villas and chalets serve as extraordinary primary residences and exclusive second homes, with each portfolio being designed and serviced to meet brand expectations and standards. Accor operates branded residences on both a managed and franchised basis across 22 of the Group’s brands, and currently has a global network and pipeline of over 130 branded residential projects.
Daniel von Barloewen, Vice President and Head of Mixed-Use for Europe, India, Middle East, Africa & Turkey stated “2021 was another record year of signings and openings for Accor globally, and our performance in the India, Middle East, Africa & Turkey region was a major contributor to this. So far, in 2022, we have signed three branded residential projects in the region, with another three expected by year end. By the end of 2024 we will be operating more than fifteen branded residential projects in the region across the Accor and Ennismore brands”.
The Group already counts with some of the most luxurious and renowned, operating and upcoming, branded residences in the region, including planned residences at the soon to open Raffles Jeddah in the Kingdom of Saudi Arabia. The property will be located in the Corniche and providing exclusive accommodation and easy access to the area’s most desirable shopping malls and main streets, as well as the historical centre of Jeddah, all just a few minutes away.
While luxury branded residences continue to play an important role in the global momentum of branded residences, there is an increased demand for lifestyle branded residential offerings. In 2021, Accor and Ennismore entered into a joint venture to create the world’s largest and fastest growing lifestyle hospitality company, which includes branded residences within its eco-system.
Louis Abi Abboud, Vice President Development & Deputy Head of Middle East, Africa, India and Turkey for Ennismore commented “Ennismore branded residences represent approximately one quarter of Accor’s existing network and pipeline, with SLS, Mondrian and Hyde leading the charge, with eight operating and sixteen pipeline residences between them. Ennismore will open five residences projects in the region over the next three years. The first Mama Shelter Residences in the world will also open in Dubai in 2024.”
Whilst approximately 75% of Accor’s operating branded residential network resides in the luxury segment, premium brands such as Movenpick, Pullman, Swissotel, as well as Ennismore’s Mondrian and Hyde brands, are continually gaining momentum and now account for 49% of projects under development. Accor is leveraging its strong premium-tier brands to help development partners reach new buyers and market segments.
Accor is also seeing increasing demand for standalone residential projects (without a hotel component). The Group currently has 8 open and pipeline standalone residences and, according to Daniel von Barloewen, demand and potential for standalone residences is very high in certain key cities within the region, in particular Dubai, Abu Dhabi, Riyadh, Jeddah, Doha and Cairo.
Accor currently operates 425 properties (over 93,008 keys) across India, Middle East, Africa & Turkey with another 192 properties (over 41,230 keys) in the pipeline.