Skift Take
As more wealthy travelers are looking to relocate to Dubai, hotel companies have spotted a massive opportunity by leasing out their luxurious brands to developers.
Dubai is one of Marriott's largest markets for branded residences outside the U.S. – an upmarket segment of real estate that has boomed over the past decade. Today, Marriott has nine branded residences in Dubai, as well as two more in Ras Al Khaimah and a string of ultra-expensive Bulgari properties.
Marriott's chief operating officer for the Middle East, Sandeep Walia, told Skift the surge in interest can be partly attributed to tourists opting to relocate to Dubai.
"There has been an increase of people moving to the UAE," he said. "More and more people want to move here and that’s creating an increase in people buying residences and branded residences."
Walia added: "A lot of guests now want to live in the environment of our brands. That’s an experience they can now live in, rather than only have on vacation."
For Mar