Upmarket apartment homes managed by luxury hotel chains are gaining momentum as developers and buyers recognise their lifestyle and investment benefits.
Melbourne property developer Beulah’s Four Seasons Hotel is in the western tower of its STH BNK development.The concept has been slower to take off in Australia, but global hotel chain Four Seasons is bringing branded apartment towers here when it opens its STH BNK site as part of a $2.3 billion development partnership with luxury property developer Beulah.
AXSIA HTL managing director David Simpson said branded residences have become a “preferred choice for many consumers due to their distinctive advantages and personalised experiences that have been carefully crafted to tailor residents’ preferences”.
Sitting on the Yarra River’s so-called Northbank precinct, it is being developed by Riverlee as part of the $550 million Seafarers mixed-use project. The 1 Hotel brand is popular overseas with sites in Europe, North America and Cabo, Mexico.It will have 120 luxury apartments and a hotel with 280 guest rooms, a state-of-the-art wellness centre, and a 1000-seat function centre.
Erin van Tuil, partner and head of residential at Knight Frank Australia, said the success of Crown Residences at One Barangaroo, Australia’s first fully integrated hospitality-branded residences, made it clear that service provision is still an aspect of apartment living that Australian developers have yet to fully harness.
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