Texas is expected to soon have its first Ritz-Carlton-branded residential development built in Texas without the hotel component as more hospitality companies around the country expand into residential construction.
The greater Houston area will soon have its first Ritz-Carlton property as the luxury hospitality brand is partnering with Howard Hughes Holdings Inc. to build standalone residences in The Woodlands, Texas.
Plans for the project located about 30 miles north of downtown Houston come about as demand grows for hotel-like homes.
The Ritz-Carlton Residences will be built on a private 8-acre site that represents "the last available large-scale residential site on Lake Woodlands," according to a statement from Howard Hughes Holdings.
The Woodlands is one of Howard Hughes Holdings' master-planned developments in its portfolio that spans Houston, southern Nevada, Maryland, Phoenix and Hawaii. The company recently created an independent subsidiary called Seaport Entertainment for its dining, hotel and sports properties in Las Vegas and New York City.
Ritz-Carlton was handpicked by Howard Hughes Holdings for the proposed development in The Woodlands, according to the statement. The development will include a "limited collection of spacious residences for sale," according to the statement. Additional details such as the address, construction timeline, price range, number of units and amenities were not disclosed. A spokesperson told CoStar News that additional details will be revealed at a later date.
Hotel-Branded Residences
Branded hotel residences have long been a staple of luxury hotel development. But as hotel brand awareness grows — particularly in the luxury space among wealthy international travelers — the standalone model of branded hotel residences is taking off as an option that maximizes the benefits of the luxury hotel brand without the risks of hotel development.
Marriott International, which owns the Ritz-Carlton, opened the first standalone Ritz-Carlton Residences in 2009 in Baltimore’s Inner Harbor. Today, Marriott has 128 branded residential developments operating globally and 17% are standalone. The hotelier also has standalone residential properties under the St. Regis, Edition and W brands.
Ritz-Carlton currently only has one hotel in Texas, the Ritz-Carlton at 2121 McKinney Ave. in Uptown Dallas. That property also includes residences. An additional Ritz-Carlton Hotel is expected to replace what was once a Four Seasons Resort in Irving, about 12 miles away from the Ritz-Carlton in Uptown Dallas.
Hilton, meanwhile, is about to launch sales for the first standalone residences under the historic Waldorf Astoria brand in the greater Miami area. The Waldorf Astoria Residences Pompano Beach is being developed by Florida developers Related Group and Merrimac Ventures through a partnership with Hilton.
The 28-story hotel is planned for a 2-acre site that fronts the Atlantic Ocean in Broward County, just under 40 miles north of Miami, and will have 92 units that start at $2.5 million.
Other global luxury hotel brands such as Mandarin Oriental and the Four Seasons are also developing standalone private residences around the world, including the Four Seasons Private Residences Lake Austin in Austin, Texas.