Aman Resorts will open four properties across Mexico, Texas, and two U.S. gateway cities between summer 2025 and late 2026, marking the group's first sustained North American expansion since its 2010 entry with Amangani in Wyoming. The moves — Amanvari in Baja's East Cape this summer, a ranch retreat in Texas, a New York urban property, and Beverly Hills afterward — represent capital deployment north of $500 million based on per-key development costs at comparable ultra-luxury addresses. For a brand that has opened 34 properties in 35 years, four announcements in a single planning cycle is velocity without precedent.
Amanvari lands in Baja's East Cape with 18 casitas oriented toward the Sea of Cortez, the adjacent estuary, and Cabo Pulmo National Marine Park 20 minutes south. The property sits on coastline where competitive supply remains scarce — Four Seasons Los Cabos and Zadún occupy the Corridor corridor, but East Cape has seen limited branded development since Viceroy closed its Los Cabos property in 2019. Aman's casita count and marine-park adjacency position the asset as a naturalist alternative to Los Cabos's resort density. The Texas ranch property offers no public room count or opening quarter, but follows the operational template Aman used at Amanemu in Japan and Amanyara in Turks and Caicos — low density, high acreage, activities as the primary revenue engine. The New York property, Aman's first new U.S. address since Amangiri opened in Utah in 2009, enters a market where Rosewood Residences, Aman New York (opened 2022 but under different ownership structure), and the redeveloped Carlyle are absorbing $3,000+ average daily rates in midtown's residential-hotel corridor. Beverly Hills follows on an unspecified timeline.
The intelligence here is tempo and capital confidence. Aman has historically grown through single-property approvals, often years apart, underwritten by sovereign wealth, family offices, or joint ventures with local development partners. Four simultaneous North American projects suggests either a dedicated North American vehicle or a shift in Aman's parent structure — Vlad Doronin's Aman Group has been exploring a public listing since 2022, and geographic diversification into high-barrier-to-entry U.S. markets would support a valuation multiple expansion ahead of any offering. The New York and Beverly Hills plays are particularly notable. Aman built its brand on remote sanctuaries — Amanpuri in Phuket, Amandari in Bali, properties where location was the moat. Urban entries represent a test of whether the brand carries independent pricing power or whether it has always been a function of place. Early performance at Aman New York, where residences sold for $50 million+ and hotel suites command $4,000 nightly in shoulder season, suggests the brand has decoupled from geography. That gives the group permission to enter second-tier gateway cities — Dallas, Houston, Miami — where family offices with hospitality exposure and taste for Aman's aesthetics could anchor mixed-use projects.
Operators should track whether Aman announces a Dallas or Houston address within 12 months, which would confirm a repeatable urban model beyond coastal capitals. Watch for Amanvari's RevPAR performance against Four Seasons Los Cabos and Zadún by Q4 2025 — if it clears $2,500 in its first six months, Baja's East Cape becomes a credible luxury corridor and competitive supply will follow. Allocators with exposure to U.S. gateway-city residential-hotel projects should note that Aman's urban pivot validates the residential-amenity model in cities where Four Seasons and Rosewood already operate — if a brand built on remoteness can command $4,000 room rates in midtown Manhattan, the pricing ceiling in urban luxury hospitality is higher than most underwriting models assume.
Aman has 11 properties in pipeline globally as of Q1 2025, per company disclosures. Four of them are now in North America, where the group had three total addresses as of 2024.
The takeaway
Aman's four-property, 18-month North American sprint signals either a dedicated regional fund or pre-IPO portfolio buildout.
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