FRHI Hotels & Resorts has announced at Arabian Travel Market that its global portfolio of branded residential projects will triple by 2018 as part of an ongoing expansion strategy.
Currently operating 16 residential projects across its worldwide portfolio, FRHI has an additional 35 residential projects in varying stages of development across its three brands, including locations in Egypt, United Arab Emirates, Kingdom of Saudi Arabia, China, and Turkey.
Recent signings ranging from Raffles Citystars Sharm el Sheikh Residences, Fairmont Marina Residences Abu Dhabi, Fairmont Residences Istanbul to Swissôtel Residences Katameyah in Cairo, all signal the company’s commitment towards developer and owner relations, in established and emerging markets.
“FRHI’s expertise in managing residential developments alongside our hotel projects is a key cornerstone of our expansion strategy,” said Sami Nasser, FRHI senior vice president, operations, Middle East, Africa and India.
“It offers developers the potential to capture significant pricing premiums on residential real estate leading to overall improved hotel profitability.”
With almost 80 per cent of FRHI’s development pipeline featuring a mixed-use component, FRHI’s residential strategy is based on three distinct product offerings – whole-ownership, extended stay, and luxury private residence clubs.
Whole-ownership residences under the brands of Raffles Residences, Fairmont Residences, and Swissôtel Residences take centre stage in the company’s residential portfolio.
These are fully serviced by the adjacent hotel, and purchasers are offered services and amenities that one would expect from a luxury brand.
Designed to the specific standards of each brand and managed by FRHI, owners are invited to join the company’s top-tier loyalty program and receive other bespoke benefits, which may include access to an exclusive rental program.
More recently, FRHI entered into the extended-stay sector under the Raffles Serviced Residences, Fairmont Serviced Residences, and Swissôtel Living brands.
This product is rapidly becoming a significant contributor to growth since the product is retained by hotel ownership as part of hotel inventory, but is operated on an extended-stay or long-term lease basis.
Fairmont also operates the largest international portfolio of luxury private residence club developments under the Fairmont Heritage Place brand.
This exclusive offering combines the impressive amenities and attentive service of Fairmont Hotels & Resorts with the comfort of an elegant private retreat in world-class destinations such as San Francisco, Santa Fe, Acapulco and Zimbali.