What’s better than living at a luxury residence in the heart of a bustling city? Living in one that offers relaxation and convenience with resort-style amenities, flexibility with a hotel experience, and a community with friendly faces all in one place.
Since the opening of the first branded residence in 1927 on New York’s Fifth Avenue, living the traveler’s lifestyle from the comfort of home has been a popular dream. With the concept upsurging in popularity over the last decade, a number of hotel brands have conceived their own residential concepts, and The Pendry Residences West Hollywood’s recent $9.9M listing of Residence 802 is the latest to make waves for the growing real estate frontier.
According to a report from British real estate company Savills, the branded residence sector has grown by 230% over the past decade, with 580 developments from 133 brands. And with new ventures popping up like clockwork in markets like New York, Miami, and LA, the 10-year growth rate of these properties skyrocketed from 170% to the current 230% in 2021 alone.
While the LA market has historically been centered around single-family homes, the gradual resurgence of luxury branded residences has taken a foothold in the City of Angels, where many seek sunny winters amidst the glitz of a world-class cultural center. Even with condo prices plunging during the pandemic as buyers prioritized ample yard space and outdoor living, LA continues to thrive as a hotspot, with the median sales price of condos in West Hollywood and Beverly Hills up at around $1M, from $852,000 in August 2021.
In a post-pandemic world where flexibility and freedom are the pinnacles of luxury, it’s no wonder that home buyers have taken to the idea of fusing the indulgence of a hotel with the familiarity of home. Baby boomers, now becoming empty-nesters, particularly seek the smaller units and ease of travel that branded residences offer. With the free time of retirement, alluring amenities are an enticing feature of these residences, something the lucky buyer of Residence 802 will know well.
Just beyond the comforts of the $9.9M pad—with stunning views, outdoor enclaves, private elevator entry, and much more—lies a world of endless entertainment and sumptuous relaxation. Members enjoy in-residence, personalized services by Montage, and they’re first on the list for a number of exclusive entertainment experiences. First dibs on tickets to the adjacent Sun Rose music venue offer residents the opportunity to see artists like Jeff Goldblum, Evan Rachel Wood, and Nicole Scherzinger in an intimate atmosphere. Members are also granted access to The Britely Social Club, LA’s hottest new nightlife spot which otherwise boasts a waitlist of 1,000+.
An everyday oasis with an expansive garden deck, resident’s lounge, wine tasting room, and concierge services, The Pendry Residences also offers members access to Wolfgang Puck’s on-site Merois and Ospero dining concepts and the five-star Pendry Spa.