For this episode, I speak with James Bermingham as Virgin Limited Edition celebrates its 25th anniversary, and prepares for a new era in luxury travel. Here are the key highlights:
Bermingham articulates the key differences between Virgin Hotels (VH) and Virgin Limited Edition (VLE), which target different markets.
We reflect on the dramatic reopening of Kasbah Tamadot in Morocco, one of the original VLE properties (full story here).
Bucket List News: VLE just signed a long-term management agreement with a Kenyan family to operate Finch Hattons safari camp, which offers a classic Out of Africa experience in Tsavo West National Park with views of Mount Kilimanjaro.
VLE is connecting its two Kenyan safari properties, Mahali Mzuri and Finch Hattons with direct flights between the camps launching in June.
Bermingham confirms that both VH and VLE are entering the branded residential market, which most high-end hospitality companies did years ago.
Branded residences are everywhere for two reasons. Firstly, as Bermingham explains, “It’s not easy to develop new luxury hotels without a residential component these days. Because the cost of construction is such that it requires an economic engine, and that is branded residences.”
Second: For years, the ultra-wealthy have sought out private villas or timeshares for their getaways, seeking an added layer of privacy and a feeling of ownership. Branded residences are essentially the same concept, but (a big BUT) the real estate is managed, serviced, and designed by companies buyers trust to deliver this exceptionally.
Like any other luxury product, the quality of branded residences can vary widely. My take? Virgin is late to the game here, but is very well positioned to compete meaningfully in a crowded market. How crowded? Let’s put it this way: The Ritz-Carlton just opened in Costa Rica a little over two months ago in February. All 36 of its branded residences are already sold.
BONUS: Bermingham explains why you should never go mountain biking with Sir Richard Branson. He has nine lives, I don’t.
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