A trend popular in the hospitality industry is making its way to multifamily development, reports BUILDER senior editor Jennifer Goodman
The dual-brand concept--in which one hotel offers two or even three brands that cater to different types of travelers--is increasing in popularity as a way to control land and construction costs. Currently, there are more than 40 multi-brand hotel properties around the country, with about 25 more under construction and another 50 or so in the planning stages, according to thisNational Real Estate Investor article.
Now, multifamily real estate developer AvalonBay Communities is trying out the concept with a dual-branded Brooklyn apartment tower designed by architecture firm CetraRuddy. With two lifestyle brands under one roof, units in the 634-foot-tall building have been selling briskly, according to a press release.