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DIAMOND · May 28, 2026
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ISABELLA'S ISLAY · May 28, 2026

Four Seasons Commits $2.4B Across Six North American Residences In 36-Month Build-Out

The rollout marks a structural pivot toward real-estate-backed revenue as hospitality margins compress.

Four Seasons Hotels and Resorts has placed $2.4 billion across six simultaneous private residence projects in North America, spanning Las Vegas, Nashville, Jacksonville, Lake Austin, Disney World, and undisclosed gateway markets. The 36-month capital deployment represents the largest coordinated residential expansion in the brand's 62-year history.

Construction began across all six properties between Q4 2021 and Q2 2024. Nashville's dual-tower hotel-residence complex broke ground in March with The Congress Group as development partner. Jacksonville's waterfront project launched sales this week with units starting at $2.8 million for 2,400-square-foot residences. Turnbridge Equities acquired a minority stake in the Lake Austin development in June, marking the first institutional co-investment in a Four Seasons standalone residence since the brand separated its hotel and real-estate verticals in 2018. The Disney World property, adjacent to the existing resort, began pre-sales in January with $15 million penthouse listings. Las Vegas and the sixth market remain in permitting.

The timing reflects a broader recalibration among luxury hospitality operators. RevPAR growth across North American luxury hotels decelerated to 3.2% year-over-year in Q1 2024, down from 8.1% in 2023, per STR data. Branded residences, by contrast, generate fee income independent of occupancy cycles. Four Seasons collects 2-4% of gross sales proceeds plus annual management fees averaging $18,000 per unit. At 600 total units planned across the six projects, the company will book $43-86 million in one-time fees and $10.8 million in recurring annual revenue once stabilized. Those figures exclude appreciation on any retained equity stakes, which Four Seasons has pursued selectively since 2019.

The move also signals confidence in a specific buyer cohort. Single-family offices and ultra-high-net-worth individuals purchasing second or third residences have shown minimal sensitivity to interest-rate volatility. Four Seasons reported 78% of Jacksonville pre-sales went to all-cash buyers, with 62% originating from out-of-state principals. The Lake Austin project attracted Turnbridge specifically because of projected 18-22% IRRs driven by scarcity value—only 32 residences will anchor the 29-acre lakefront site, compared to 200+ units at comparable Austin luxury developments. Nashville's urban location positions it for corporate relocation purchases, with 14 units already reserved by private equity principals relocating teams from California and New York.

Allocators and development partners should monitor three follow-on events. First, Four Seasons is expected to announce partnerships for standalone residences in Miami and Tokyo by Q4 2024, per sources familiar with the expansion roadmap. Second, the brand's new co-investment structure—debuted with Turnbridge—may become standard for future projects as institutional capital seeks access to fee-generating real estate. Third, watch absorption rates at Jacksonville and Nashville through year-end. If Four Seasons clears 40% of inventory within six months of launch, expect accelerated timelines for the undisclosed sixth market and potential expansion into secondary cities.

The $2.4 billion deployment arrives as Rosewood, Ritz-Carlton Reserve, and Aman each pursue similar residence-first strategies. Four Seasons now operates 52 branded residence projects globally, up from 31 in 2019. The six new markets will account for 12% of that total footprint by unit count once delivered.

The takeaway
Four Seasons is converting **$2.4B** in development capital into recurring revenue streams as traditional hospitality margins compress across North America.
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