Homebuyers in the Greater Los Angeles area can enjoy living in a luxury resort every day. High-end hotel companies offer glitz and perks to property seekers, from Rancho Palos Verdes overlooking the Pacific to Sunset Boulevard in West Hollywood to the heart of Beverly Hills or downtown.
These developments allow homeowners to check into upscale accommodations with numerous hotel-like services without having to check out. These include the Ritz-Carlton Los Angeles and the Montage Residences (now Maybourne), which are leading the trend of upscale permanent hotel living. Newer entrants include the standalone Rosewood Residences (due for occupancy in late 2024) and the Mandarin Oriental Residences, both in Beverly Hills—but with no on-site hotels. Others like the Pendry Residences in West Hollywood and Terranea in Rancho Palos Verdes are just steps from their namesake hotels. There are more than 65 of these premium condos on the market throughout the Los Angeles basin, according to the website RubyHome Luxury Real Estate.
“The DNA of the brand is service-oriented,” explains Tomer Fridman of the “real estate-like” Rosewood Residences. “These were not designed as second homes, but as real estate alternatives,” he explains of the 17 units located near Little Santa Monica on Charleville Boulevard in Beverly Hills’ famous Golden Triangle. Fridman and his partner Sally Forster Jones of the real estate firm Jones Fridman International at Compass represent the properties.
The spacious floor plans, which range from 280 to 700 square meters, include double kitchens and outdoor areas. Prices start at $10 million and range up to $45 million for penthouse apartments; six of them have private pools.
Full-service amenities include 24-hour valet parking, front desk and security. In addition, owners receive VIP treatment at Rosewood Hotel & Resort properties in 20 countries, including Las Ventanas al Paraiso in Los Cabos, Mexico; the Rosewood Miramar Beach in Montecito; and the Carlyle in New York City. Fridman notes that entertainment buyers often expect a higher standard of service when traveling.
Michael Shvo, real estate developer and chairman and CEO of SHVO, says the 54 turnkey residences at Mandarin Oriental Residences, Beverly Hills offer a big point of difference: Because there’s no hotel component, the rooftop pool and lounge, full-time concierge and other amenities (like on-site dining at celebrity chef Daniel Boulud’s Boulud Prive) are for residents only. “People care a lot about privacy and security,” he says.
“The supply of new luxury products is extremely tight,” says Shvo about the real estate market in Beverly Hills. The new building on Wilshire Blvd. took seven years to build. Current prices for one-bedroom apartments start at $2.975 million.
Full service is also a plus at Fairmont Residences Century Plaza/Park Elm. There, 40 apartments are available for long-term rental and have their own elevators. “The additional security layers are an important factor,” says sales manager Cory Weiss. “Many of our residents are moving in because they have security issues in their single-family homes.”
The views and floor plans designed for entertaining have impressed show business buyers at Pendry Residences, says sales manager Leo Medeiros. Full hotel services, from valet parking to in-room dining, are included in homeowners’ association fees, which average $2.50 per square foot per month, comparable to other buildings attached to a hotel, Medeiros says.
The Pendry Residences
Will EDWARDS Photography
Regardless of the cost, hotel residences are popular. At Terranea Resort on the Palos Verdes Peninsula, the fully-equipped villas and casitas rarely come up for sale, but a 2,700-square-foot, three-bedroom unit is currently on the market for $3.45 million.
Other projects are planned: Aman Beverly Hills will feature branded residences and an ultra-posh all-suite hotel at One Beverly Hills, while up to 60 units are under review and in the planning process as part of the planned redevelopment of Miramar Santa Monica (now Fairmont Miramar Hotel & Bungalows).
