Tag: Buyers

Marriott Executive Says Buyers Are Spending More Time Than Ever In Their Vacation Homes

Dana Jacobsohn, senior vice president of residential development at Marriott International, oversees all aspects of the branded residential units of Marriott International, including Ritz- Carlton, Ritz-Carlton Reserve, Edition, Bulgari, JW Marriott, Marriott, St. Regis, W, Luxury Collection, Westin, Sheraton, Autograph, Tribute, and Le Meridien.

These types of hotel residences have continued to be popular all over the world since the start of the pandemic, with known brands proving to be safer bets for people during uncertain times, Ms. Jacobsohn said. And with people using their vacation homes more than ever before, many buyers who already own these branded residences are spending more time in them than they ever planned to.

We talked to the Maryland-based Ms. Jacobsohn about what’s on buyers’ wishlists, the importance of high-quality service, and more.

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Mansion Global: Do you think branded residences will fare better than others sectors in this downturn?

Dana Jacobsohn: There’s been an unprecedented impact on hotels. But we are still seeing steady interest return even in that sector.

The biggest surprise to me is that branded residences are more resilient than other types of real estate. My team is as busy, if not busier, than ever. Customers, more than ever, see the benefit of our brand. We’re also seeing strong velocity of sales. People have the desire to have another residence, and they’re not spending as much time on the road.

And buyers have also gotten very comfortable with virtual tours. They know that the projects are going to be extraordinarily high quality. Especially with brands like the St. Regis and the Ritz- Carlton.

The buyers know that our brands are professionally managed, and that makes the buying decision easier and makes them more confident.

The vast majority are buying second, third or fourth homes, but people are spending a lot more time in these homes. Now many of our owners are staying for months at a time.

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MG: How do you make sure that the residences properly pay homage to that brand?

DJ: Whether we have a co-located branded residence or a standalone property that doesn’t have a hotel component, either type of residence is completely aligned with the hotel brand standard. It’s not as if we have different sets of rules. The training is the same, and it feels the same whether you’re in a St. Regis hotel or residence. What may happen in a residence is the team members may know you better and your family better, and can offer an even higher level of service.

MG: Are the services the same as a hotel?

DJ: If you’re in a co-located, of course you’re getting access to all facilities and amenities—the spa, pool, and you can order in-room dining and get housekeeping services.

But the business model that we’ve also grown is the standalone business, with no co-located hotel. That’s one of the fastest growing

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Buyers cut a deal on Yorkville penthouse in former Four Seasons Hotel

Chestnut Park Real Estate Ltd. Brokerage

155 Yorkville Ave., No. 3201 Ph1, Toronto

Asking price: $5.9-million

Selling price: $5.5-million

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Taxes: $36,019 (2019)

Days on the market: 148

Buyer’s agents: James Warren and Christopher Killam, Chestnut Park Real Estate Ltd.

The action

The former Four Seasons Hotel was converted into private residences in 2012.

Chestnut Park Real Estate Ltd. Brokerage

Agents James Warren and Christopher Killam brought their clients to numerous large condominiums downtown over the space of a few months, but they returned several times to this four-bedroom penthouse in Yorkville. They negotiated a $5.5-million deal in late July.

“This is inexpensive in relation to what else you could buy out there,” said Mr. Warren.

“Other condominiums we considered were in the $4-million to $6-million range, but they weren’t as big, didn’t have the high ceilings nor did they have the location.”

What they got

The penthouse is in the space formerly occupied by the hotel’s restaurant.

Chestnut Park Real Estate Ltd. Brokerage

The condo is in the former Four Seasons Hotel, which was converted into private residences in 2012. This 4,580-square-foot unit occupies what was once the hotel’s restaurant on the 32nd floor.

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Large panes of glass to the north, east and south allow natural light to reach nearly every room, from the kitchen and dining room to two entertaining areas with a 220-square-foot terrace between them.

The main bedroom has a double-sided fireplace, a sitting area, walk-in closet and the largest of five bathrooms.

Monthly fees of $4,865 cover water and heating, plus concierge and use of the on-site gym.

The agent’s take

Floor-to-ceiling windows let plenty of natural light in.

Chestnut Park Real Estate Ltd. Brokerage

“It was carved up from the former restaurant,” said Mr. Warren, “so it gives you glorious 12- to 13-foot ceilings with floor-to-ceiling windows, which is so unusual. And the views are stunning and captivating over Yorkville.

“It has a huge balcony, which you could put a table out on and sit six people comfortably.”

The amount of interior living space was equally impressive. “It’s very much like being in a bungalow in the sky,” said Mr. Warren.

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“A lot of people need space for children and grandchildren, but more so now with the pandemic, for being able to entertain in.”

The master suite includes the largest of five bathrooms.

Chestnut Park Real Estate Ltd. Brokerage

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