- FinancialNewsMedia.com News Commentary - PALM BEACH, Fla., Feb. 9, 2022 /PRNewswire/ -- According to a recent report from Bloomberg discussing a report from Sotheby's said: "The only thing that can slow the global luxury market in 2022 is ... greed." "It's impossible to underprice a property in this environment," says Bradley Nelson, chief marketing officer of Sotheby's International Realty, which released its 2022 luxury outlook report on Monday. A potent combination of sky-high bonuses, accelerating intergenerational transfers of wealth, low interest rates, and the specter of inflation "makes investing in a concrete, fixed asset like real estate attractive to many as they balance their portfolios," Nelson says. The environment is such that, no matter how low a property is listed, demand and competition will push its price to the top of the market. "We brokered a co-op sale in New York," Nelson says. "The asking price was $40 million, and there were multiple billionaires interested in purchasing it at the same time," he continues. "The market is a living, breathing thing, and it's going to give you feedback when fresh, desirable inventory comes on tahe market." "The real estate market is now being driven by hybrid work vs. remote work," he says. Tax considerations continue to drive luxury purchasing decisions. "That's really the headline in both the United States and internationally," says Nelson. "You're going to see the greatest investments continue to be in tax havens." Active Companies in the markets today include Gaucho Group Holdings, Inc. /zigman2/quotes/202515306/composite VINO -1.74% , Marriott International, Inc. /zigman2/quotes/200170042/composite MAR +0.57% , Hyatt Hotels Corporation /zigman2/quotes/207542923/composite H +1.14% , Hilton Worldwide Holdings Inc . /zigman2/quotes/202780307/composite HLT +0.27% , MGM Resorts International /zigman2/quotes/209932643/composite MGM -0.69% . The article continued: "The lack of state income tax in Texas and Florida will help those states' luxury markets retain their luster, he says, while tax increases in countries as disparate as Oman, Ireland, and Canada, which just instituted a 1% tax on the value of homes held by nonresident, non-Canadian owners, could adversely impact luxury prices. Finally, Nelson says the biggest impact on luxury real estate is gradually going to become apparent over the next five years: "Transacting in crypto," he says, "is going to grow in exponential ways."
Gaucho Group Holdings, Inc. /zigman2/quotes/202515306/composite VINO -1.74% BREAKING NEWS : GAUCHO GROUP HOLDINGS, INC. RECEIVES APPROVAL FOR MASTERPLAN FOR ALGODON WINE ESTATES' 4,138 ACRE LUXURY WINE & WELLNESS DEVELOPMENT IN MENDOZA, ARGENTINA - Gaucho Group Holdings, Inc., a company that includes a growing collection of e-commerce platforms with a concentration on fine wines, luxury real estate, and leather goods and accessories, today announced it received official approval from the Municipality of San Rafael of the masterplan for its Algodon Wine Estates, a 4,138 acre wine, wellness, culinary and sport resort and luxury residential development, in San Rafael, Mendoza, Argentina.
As previously announced, this stage of the masterplan was designed by the architectural planning and design firm EDSA, whose work spans more than 5,000 projects in over 100 countries. EDSA's vision for Algodon Wine Estates includes further building upon the estate's award-winning vineyard development by emphasizing the existing winery and 1946 vines, the local Mendocino culture, as well as the estate's existing terrain, amenities, and features.
The masterplan includes development of an additional 200 lots, ranging in size from 2.47 acres to 12 acres. The company anticipates sales of these additional lots could ultimately generate more than $100 million in revenues. The centerpiece of the masterplan is an ultra-luxury 80-room hotel, that will also include 40-60 residences, for which Algodon Wine Estates seeks to co-develop with a world class luxury hospitality brand. The revenue potential from the hotel rooms and branded residences could generate an additional $25 million per year.
The expanded masterplan includes a 27-hole championship-style golf course, championship-style tennis facilities, centralized village center and sports club, and an equestrian facility that will include a horse riding and training center. Additional highlights from the plan include an organic farming area, as well as organic fruit orchards, a boutique distillery, organic/seasonal restaurants, lavender and rose gardens, as well as various hiking, mountain biking, and walking trails that connect the social and residential areas throughout the estate. CONTINUED… Read this full release for Gaucho Group Holdings at: https://www.gauchoholdings.com/news/press
Other recent developments in the markets include:
Hyatt Hotels Corporation /zigman2/quotes/207542923/composite H +1.14% recently announced that a Hyatt affiliate has entered into a franchise agreement with Thera Island Suites S.A., owners of Magma Resort Santorini, and Athens-based SWOT Hospitality will operate the hotel. Expected to open in 2022 in time for the summer season, the hotel will join The Unbound Collection by Hyatt portfolio as the first Hyatt-affiliated resort in the Greek islands, featuring 59 guestrooms, including 24 suites. The signing underscores Hyatt's strategy to grow its brand footprint in the leisure and independent collection segments across key European leisure destinations.
Magma Resort Santorini will resemble a re-imagined traditional Cycladic dwelling by incorporating a sustainable yet modern exterior design that seamlessly integrates the lava-made and stone elements with the overall island's ambience. All 59 guestrooms and suites, 46 of which will feature private pools and hot tubs, will enjoy unobstructed views of the Aegean Sea and Anafi Island.
MGM Resorts International /zigman2/quotes/209932643/composite MGM -0.69% BetMGM, a leading sports betting and digital gaming operator, and the National Hockey League (NHL) recently announced a multi-year extension of their groundbreaking partnership. The news comes as MGM Resorts, which operates T-Mobile Arena, prepares to host Honda NHL® All-Star Weekend festivities in Las Vegas Feb. 4-5. Several special events will take place at MGM Resorts' iconic properties along the Las Vegas Strip as well.
As an official sports betting and resort partner of the NHL, BetMGM and MGM Resorts will continue using NHL brands to enhance the experience for both customers and guests. BetMGM and MGM Resorts will continue to be integrated into the NHL's jewel events, with camera-visible signage and on-site activation opportunities. Additionally, BetMGM and MGM Resorts will maintain the ability to reach hockey fans through communications to subscribers from the NHL's fan database.
Hilton Worldwide Holdings Inc . /zigman2/quotes/202780307/composite HLT +0.27% Well-positioned to emerge from the pandemic stronger than ever, Hilton recently delivered a record year of development achievements. Already one of the world's largest hotel companies, Hilton opened 414 properties, adding more than 67,100 rooms to its system, further emphasizing the scale, presence and leading brands of the company's global portfolio.
"After a year of recovery and growth, it has been incredible to witness the resiliency of the travel industry and our team's ability to embrace change while serving more guests in more hotels around the world," said Chris Nassetta, President and CEO, Hilton. "We believe the desire to travel, experience new cultures and connect with others is core to the human experience. I can speak for all of us at Hilton when I say we're looking forward to welcoming our guests and helping them make new memories in 2022."
Marriott International, Inc . /zigman2/quotes/200170042/composite MAR +0.57% recently announced a strong year of rooms growth and signings in 2021. The company also provided insight into major trends it sees currently impacting global hospitality development. These trends helped drive Marriott's growth in 2021 and are expected to propel the company's growth over the next several years.
At the end of 2021, Marriott's worldwide system consisted of nearly 8,000 properties and roughly 1.48 million rooms in 139 countries and territories. At year-end, the company had the largest global development pipeline, with roughly 485,000 rooms. The company signed 599 agreements during 2021 representing approximately 92,000 rooms of which slightly more than half are located outside of U.S. and Canada. Rooms falling out of the pipeline remain at historically low levels, despite challenges brought on by the pandemic. During 2021, Marriott added more than 86,000 rooms on a gross basis, growing the system 3.9 percent, including deletions of 2.1 percent. The deletion rate was 1.2 percent excluding the exit of 88 Service Properties Trust select service hotels.
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