Accor boosts residential portfolio
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.
Accor is seeing increasing demand for standalone residential projects without a hotel component. The group currently has eight open and pipeline standalone residences
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 15 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.
Accor and Ennismore are expanding their global leading position in branded residences with over 130, operating and pipeline branded residential projects across 33 countries.
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 per cent 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 per cent 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.
Novotel Living to debut in Riyadh
Accor is expanding its footprint in the Saudi capital with the signing of a 170-key serviced apartment property, the very first Novotel Living to operate in Riyadh. The newly built property is set to open in 2026.
The group continues to expand its partnership with Al Raya Estate Group, a pioneer company in real estate development and investment in Kuwait and GCC, with whom Accor will open the Swissotel Living Jeddah shortly.
“Al Raya Real Estate is pleased launch its second serviced apartments project in the Kingdom in partnership with our operating partner Accor. We believe that there is a great opportunity in the market for quality serviced apartments products. The ambitious vision to double the population of Riyadh and turn it into one of the top 10 cities in the world for economic output by 2030 is a major factor why we have chosen Riyadh to develop a world class extended stay project under the Novotel Living brand,” said Fahad Al Alloush, CEO of Al Raya Real Estate.
Novotel Living Riyadh will be strategically located directly on King Fahd Road, Riyadh’s main arterial road connecting all corners of the city. Moreover, guests travelling for business or leisure will benefit from the convenient proximity to King Abdullah Financial District, iconic business, and lifestyle area in the heart of Riyadh, and Digital City.With the unique interior concept designed by the Sundykovy Sisters, Novotel Living Riyadh will feature a mix of studios, one-bedroom apartments and two-bedroom apartments, a main restaurant with indoor and outdoor seating, a Clubhouse and a Grab & Go Concept, meeting spaces, fitness centre and a swimming pool.