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Business management & development A higher purpose


Despite the ongoing uncertainty around the pandemic, some things remain certain, including the growing interest among investors and property planners for high-rise mixed-use developments (MUD). These vertical villages, already popular in Asia, build upwards to accommodate a growing urban population, and cater for work, home and entertainment. Jim Banks speaks to high-rise MUD experts about how these structures will shape urban living, and what role hospitality can play within them.


I


t’s no secret that Covid-19 has caused many to radically reconsider how they live and how they work. During a seemingly endless pandemic, many people have got used to working at home and have no desire to commute to work every day again. Others seek to adjust their work/life balance and have more flexibility to blend home with work. This will have a profound effect on the use of large buildings in city centres.


The ‘Forecast 2021’ report from global architecture, planning and design practice CallisonRTKL predicts that existing assets will be repurposed and ownership will change as savvy investors swoop on deals. It further suggests that mixed-use developments (MUDs) that include hotels will rise in popularity, as they provide investors and developers with an opportunity to de-risk assets, repurpose underperforming stock in their portfolios, and create local, multifunctional hubs based around communities and consumers. A MUD enables a hotel operator to focus on specific groups of travellers, while developers can target a range of retail outlets, office tenants and residents. For the hospitality sector, being part of a MUD can improve sales by bundling packages and services for residents, workers and short-stay guests, greatly broadening potential revenue opportunities. Indeed, the concept of the MUD is well-known but it increasingly has a new form – the high-rise MUD – which embodies a new model for densifying inner-city sites in a sustainable, profitable and versatile manner.


“There are fewer options for building a one million square foot office building now, so the answer to


Hotel Management International / www.hmi-online.com


21


Jack Hobhouse


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