Two major partnerships announced in recent weeks sheds some optimism on the future of lifestyle and luxury hotels.
Accor’s partnership with Faena Group is asserting the chain’s position as a global leader in the lifestyle hotel segment. The venture, which will develop the Faena brand worldwide, is the latest from Accor following a recent all-share merger with Ennismore. Faena will now be grouped under the Ennismore banner, and along with Accor’s backing and distribution powers the group is set to experience serious growth.
Over in the luxury segment, the acquisition of Baglioni Hotel Luna in Venice is the latest in a string of upscale deals for the Reuben brothers. It closely follows the purchase of The Surrey Hotel in New York City, as well as the agreement to rebrand The Curtain in London as a Mondrian hotel.
As part of the transaction, the Reubens have also entered a partnership with the Baglioni group to expand the brand globally. It’s a huge vote of confidence in luxury hotels, particularly when this segment has reportedly seen the most severe declines in RevPAR.
In the recovery the industry will be walking before it’s running again, with forecasts of reaching 2019 levels seeming to fluctuate between 2023 and 2025. Many travellers who were unable to holiday last year now have savings to spend – a closer to home, five-star luxury getaway may well fit the bill.