‘Luxury Is in the Details,’ Says Residential and Hospitality Exec
Tina Necrason of Montage International on the appetite for branded-residences, the never-ending boom in welless in the home and more.
A relatively young player in luxury hospitality, Montage International launched in 2003 with one oceanfront property in Laguna Beach, California. Today, the brand operates seven hotels across the Americas, all of them with residences as part of the mix.
In 2017, the company launched a less traditional sibling brand, Pendry, to appeal to younger buyers with growing wealth. With six US properties, Pendry’s also made branded residences a significant part of its growth.
Montage and Pendry “have a $5 billion branded-residence portfolio and it’s growing,” Tina Necrason, executive vice president of residential for Montage International, told Mansion Global. “What drives the general real estate market also drives our business. There’s an acceleration both in pricing and an acceleration for strategy to leverage what’s going on.”
The branded-residence beisiness isn’t new for the company, however. “From our flagship Montage property in Laguna Beach, all of our hotels have had a residential component,” Ms. Necrason said. “It was never an add-on. It’s in our DNA.”