A historic first for Raffles
On 29 October 2026, Raffles Hotels & Resorts, alongside US property developers Mast Capital and BH Group, announced the development of Raffles Residences Coconut Grove, a residential scheme located at 2545 South Bayshore Drive in Miami.
The development will comprise just 35 private residences, including a selection of penthouses, on a site enjoying a prime position overlooking Biscayne Bay.
It will be Raffles’ first standalone branded residences development, meaning residences marketed under the hospitality brand without being associated with a Raffles hotel on the same site.
This distinction represents an important development in the brand’s evolution.
Raffles had already entered the North American market with Raffles Boston, a mixed-use property combining a hotel and private residences.
At Coconut Grove, the model will be exclusively residential.
Mast Capital and BH Group lead the development
The project is being undertaken by two South Florida property companies: Mast Capital, founded and led by Camilo Miguel Jr., and BH Group, founded by Isaac Toledano.
The development will be located in the historic Coconut Grove neighbourhood, one of Miami’s oldest residential districts, characterised by its leafy surroundings and proximity to Biscayne Bay.
The scarcity of available waterfront land is one of the project’s principal positioning factors.
Architectural design has been entrusted to Brandon Haw Architecture, a practice founded by Brandon Haw following a 26-year career at Foster + Partners.
The scheme will also benefit from the support of Accor One Living, Accor’s platform dedicated to the development, design and operation of mixed-use real estate projects and branded residences.
Hotel-style service becomes a residential offering
The appeal of Raffles Residences Coconut Grove extends beyond its location and architecture.
The project aims to bring the service standards historically associated with Raffles, a brand founded in Singapore in 1887, into a private residential environment.
The experience offered to owners will place particular emphasis on personalised services and discretion, reflecting the spirit of the brand’s signature butler service.
For Omer Acar, CEO of Raffles, Coconut Grove provides a suitable setting for the brand’s first exclusively residential development.
The objective is to create a living environment in which amenities and services are tailored to the individual habits and preferences of owners.
Owners will also benefit from the Accor Ownership Benefits programme, including international VIP recognition and Elite status in the ALL Accor loyalty programme.
They will consequently have access to benefits across the group’s global network, which comprises more than 5,800 hotels and resorts under over 45 brands.
Residences priced from US$4.5 million
Sales of Raffles Residences Coconut Grove are expected to begin in autumn 2026.
Advertised prices start at US$4.5 million per residence.
The limited number of homes, waterfront location and association with a luxury hospitality brand are the development’s principal differentiating features.
The announcement does not specify the total investment, delivery timetable or financial terms of the agreement between Raffles and the developers.
LTH Analysis | Raffles extends its brand value beyond hotel operations
With its first standalone residential development, Raffles is taking another step in the evolution of its development model.
Traditionally, branded residences have been associated with hotels, allowing owners to benefit from shared services and facilities.
The standalone model follows a different approach: the hospitality brand becomes a central element of the residential real estate proposition, independently of the presence of a hotel.
For developers, an association with an established brand can help differentiate the product, support its commercial positioning and strengthen its appeal to international buyers.
For the hotel group, this model provides an opportunity to extend its presence in residential real estate without necessarily developing a traditional hotel property.
Potential revenue streams may include brand licensing agreements and management or service fees, depending on the contractual structures adopted. However, these arrangements have not been detailed for Coconut Grove.
The project also illustrates the growing role of specialised platforms such as Accor One Living in the development of luxury residential schemes.
For Raffles, the challenge now is to demonstrate that its identity and service standards can create independent real estate value without the support of a hotel operating under the same brand.
This evolution could open up further development opportunities for the brand in some of the world’s most sought-after residential markets.
At a Glance
Development: Raffles Residences Coconut Grove will be the brand’s first standalone residential development.
Location: 2545 South Bayshore Drive, Coconut Grove, Miami, overlooking Biscayne Bay.
Developers: Mast Capital and BH Group.
Residential offering: 35 private residences, including a limited collection of penthouses.
Architecture and platform: Brandon Haw Architecture, supported by Accor One Living.
Pricing: Sales are expected to launch in autumn 2026, with prices starting at US$4.5 million.
