In fact, luxury apartments and serviced apartments are both branded and operated by well-known hotel managers. However, according to Mr. Gautam Bhandari - Regional Vice President, APEC Regional Development, Marriott International, there are many differences between these two types of real estate. The following is the conversation between the reporter and Mr. Gautam Bhandari:
As the leader of a hotel group that manages the most prestigious real estate projects in the world, can you tell us what are the similarities and differences between luxury apartments and serviced apartments?
One thing in common between luxury apartments and serviced apartments is that both types of real estate are branded and operated by a reputable hotel manager. However, there are still quite a few differences between these two types of real estate. We should know that a serviced apartment is just an accommodation facility that serves the long-term stay needs of guests who are on long business trips or need to stay temporarily before converting to a new house.
This type of apartment is usually built in the city center and owned by an individual or organization. We cannot buy back a serviced apartment in a building. The owner of this property usually chooses a reputable hotel manager to manage, operate and accommodate guests for a long time, at least a few weeks. Usually, after signing the contract, the serviced apartments are branded by the hotel manager.
Branded real estate in the ultra-premium residential segment was developed from the cooperation between a reputable real estate group and a reputable hotel manager. Unlike serviced apartments, luxury apartments are sold to end users to serve the long-term living needs of people.
A brand-name hotel manager, overseeing construction quality, managing and operating apartments according to global brand standards. Hotel managers always intervene in the design and make suggestions to ensure the project is completed and operated according to the standards of their brand. Therefore, luxury apartments provide residents with services up to the standards of 5-star hotels or more.
Thus, in addition to the service object, there is another big difference between a serviced apartment and a luxury apartment, that is, a serviced apartment project is owned by an individual or organization while a serviced apartment project is owned by an individual or organization. Branded apartments owned by many individuals.
Is there any difference in design and standard between serviced apartments and branded apartments, sir?
If managed by a hotel operator, the serviced apartment will be subject to the design and standards set by the brand. Serviced apartments are fully equipped with amenities like a hotel.
Meanwhile, branded apartments must also comply with the standards and design of the branded hotel manager. Apartments in branded residences are often fully furnished and zones have high-end amenities on par with a luxury hotel anywhere in the world.
Many people confuse luxury apartments with luxury apartments. Can you point out the basic differences between these two types of apartments?
Obviously, we have seen the difference between luxury apartments and serviced apartments in terms of customers and owners. As for luxury apartments and luxury apartments, there is an unmistakable difference. Branded apartments are branded and operated by a reputable hotel manager, while luxury apartments are not branded and managed according to the standards of any luxury hotel.
In short, a luxury apartment may be built by a reputable real estate developer but is still considered an unbranded apartment because of the lack of involvement of a reputable hotel brand.
What privileges do residents living in luxury apartments have that luxury apartments cannot offer?
They will be able to own apartments and live a high-class life in a "hotel" of 5 stars or more with high-class services 365 days a year. In addition to living in the most prime location in the city, residents of branded residences have the opportunity to join the elite, like-minded and like-minded elites.
For residents of Marriott-branded residences, they will be treated like VIPs not only at their residences but at 7,600 Marriott properties globally. This is our way of thanking the owners for their trust in our brand.
The Marriott branded apartment has officially been present in Vietnam with the largest project in the world. Can you share about the partnership with Masterise Homes when developing this project?
Masterise Homes is a relatively young developer in the Vietnamese market, but has a remarkable track record. This company has developed a wide range of real estate projects across Vietnam. One of the things that makes us want to cooperate with Masterise Homes is that this company has a land bank with extremely favorable locations in major cities. This is an essential condition for the development of branded real estate projects. Masterise Homes also has a strong international vision with an ambitious growth plan. These factors make us want to cooperate to develop the luxury real estate segment in the Vietnamese market.
With the Grand Marina branded apartment project, what role does Marriott International play?
We make the project known to more people through the Marriott and JW Marriott brands. In addition, we also provide sales and marketing materials for the project. More importantly, we provide consulting services on design and construction to ensure the quality of our products and services is equivalent to the global standards of our brand, because our products and services are of high quality. high will create long-term cumulative value for the owner of the apartment.
After the project is completed, Marriott International will take over and act on behalf of the management to operate the Grand Marina apartment complex, Saigon with the ultimate aim of creating a community of residents of the same level and like-mindedness. , with standard services of all Marriott hotels globally.
What is Marriott's vision through this partnership?
Marriott International, a 93-year-old hotel group, is the largest global accommodation provider with more than 7,500 hotels and resorts with 30 leading brands in 132 countries and regions. territory. In the Asia-Pacific region, we have more than 800 hotels. In Vietnam, Marriott has 9 hotels in 5 cities with more than 3,000 rooms. We are building 25 hotels in this market.
The Vietnamese market means a lot to us, as it is a growing and dynamic market with a lot of potential. The economy here is growing rapidly and stably along with a young population with increasing income. Through our partnership with Masterise Homes, we want to strengthen our presence throughout Vietnam.
Could you please share your opinion on the development trend of luxury real estate in the near future?
Marriott is currently the market leader in this real estate segment. With over 20 years of experience in this area, Marriott currently operates 102 branded apartment projects globally, and we are the world's largest operator of branded residences.
Unlike before, when branded apartment projects were combined with a building with a hotel, but the upcoming trend, branded real estate projects will be developed independently, forming an independent residential area rather than a residential area. not shared with the hotel. The Grand Marina project we develop in District 1, HCMC will be built in an independent direction like this.
Thank you Sir