Marketing consortium Leading Hotels of the World (LHW) has launched a new luxury accommodation club for the super-rich.
Leading Residences of the World (LRW) is a high-rolling club that gives members access to luxury apartments, suites and resorts across the globe.
It also gives hotels, who sell it accommodation or land, a chance to release capital and improve their assets, says LHW chief executive Paul McManus.
LRW buys accommodation from the hotel or, if the property does not have enough roomstock to release inventory, builds new apartments.
“We would invest in developing luxury apartments, which the hotel could then service,” said McManus.
He added that luxury leisure hotels could sell off suites and apartments that were not achieving rack rates throughout the year and could then service those properties while releasing capital into their business.
So far, LRW has bought accommodation in 21 properties, including the Hotel Lancaster in Paris, Gleneagles in Perthshire and London’s Milestone.