Accor set to open 38 residential properties by 2024

Accor is set to open a branded residential project every six weeks throughout 2023 and 2024, of which 46% will be located in the the Middle East, India, Africa and Turkey region.

The Group has been operating private residential communities for more than 20 years, managing collections of homes under premium, luxury and lifestyle brands. These privately owned apartments, villas and chalets serve as "Last year was another record year of signings and openings for Accor globally, and our performance in the India, Middle East, Africa and Turkey region was a major contributor to this."

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The Group already counts some of the most luxurious operating and upcoming, branded residences in the region, including residences at the soon to open Raffles Jeddah in Saudi Arabia. The property will be located on the Corniche, providing easy access to the area's shopping malls and main streets, as well as the historical centre of Jeddah.

Along with the luxury sector, 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.

Ennismore vice president development and deputy head of Middle East, Africa, India and Turkey, Louis Abi Abboud 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 16 pipeline residences between them."

Whilst approximately 75% of Accor's operating branded residential network resides in the luxury segment, premium brands such as Movenpick, Pullman and Swissotel, as well as Ennismore's Mondrian and Hyde brands, are gaining momentum and now account for 49% of projects under development.

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Accor is also seeing increasing demand for standalone residential projects without a hotel component. The Group currently has eight open and pipeline standalone residences and, according to Daniel von Barloewen, demand and potential for standalone residences is very high in key cities within the region, in particular Dubai, Abu Dhabi, Riyadh, Jeddah, Doha and Cairo.

For more information, visit www.group.accor.com