US: Located on Sunset Strip in West Hollywood, the complex is set to open next summer.
The project is being constructed on the former site of the House of Blues on Sunset Boulevard.
Montage’s goal is to build a 149-room hotel facing the boulevard, with 40 residences in separate buildings behind it.
Food at the Pendry will be provided by Wolfgang Puck. Other facilities at the hotel will include a rooftop bar, a spa, and a private membership club called The Britely, featuring a bowling alley.
Residents will have their own entrance, and will be allowed to dine and play at the hotel which will also feature a 200-seat music venue.
Common amenities for residents of branded condominiums include optional hotel perks such as room service.
“There is a big gap in branded living in L.A. compared to other markets,” said Warren Wachsberger, manning director of Aecom Capital and partner in the development of Montage’s $3.2 billion real estate portfolio.
Combined Properties is another partner in the Pendry project, which is being designed by Ehrlich Yanai Rhee Chaney Architects.
At the Pendry, prices for resident units will start at $3 million, or more than $1,000 per square-foot for a 2,900 square-foot unit. The largest of residences reach 6,000 square-feet and feature 3,400 square-foot terraces.
According to a report published last month by Savills, hotel-connected residences account for 85 per cent of completed schemes worldwide, but 96 per cent of pipeline projects.
Overall, the number of branded schemes has grown by 198 per cent in the last decade.
Looking forwards, nearly 70 branded schemes are due to open in 2020, setting a new record.
