Saturday, February 24, 2024

How Million Dollar Luxe is Providing the Infrastructure for the Hospitality Industry’s Newest Trend: Short-Term Villa Rentals

With the advent of Covid, travelers began to gravitate toward renting private homes on services such as Airbnb compared to hotel rooms. This trend accelerated as Covid did. Later in the pandemic, most hotels closed, making private homes the only game in town. To get some idea of the magnitude of this shift, Airbnb did 130 billion dollars of business in 2021.

Even before Covid, high-end vacation rental companies, such as LA-based Million Dollar Luxe, were extolling the virtues of leasing a privately owned mansion. Compared to a 5-star hotel, mansions allow families to stay under one roof in a space that is not only decorated like a home, but is a home. Famous actors, musicians, athletes, and other celebrities who have stringent privacy requirements and enjoy throwing extravagant events or dinner parties, have always preferred renting private luxury residences. MDL’s concierge service can hire a chef or in-house entertainment, charter a yacht, book a helicopter tour over Los Angeles, or rent a jet to take them to nearby ski areas like Mammoth, among other capabilities. If translators, security, or nursing staff are needed, MDL can supply them. Of course, each Million Dollar Luxe property is ideally located and lives up to its billing. A stately home in Hancock Park? A super-sleek contemporary in Bel Air? A Spanish-style mansion in Beverly Hills? The client could have their pick. 

Once it became apparent to some of the 5-star hotels that MDL, among others, was providing a much more private and intimate experience than they could deliver – and consumer demand was trending toward this preference –  they attempted to enter the game. One such brand is Marriott. With Marriott Villas, Marriot offers private villa experiences for those who have grown to prefer services like MDL. This move on Marriott’s part has gone beyond validating MDL’s business model as it is also indicative of the degree to which MDL is resonating with high-end clients. Speaking to the prowess of Million Dollar Luxe’s homes, Marriot is going so far as to white label some of the LA-based service’s properties to rent them under the Marriott Villas name. This is not a new phenomenon for MDL as it had previously been a principal supplier of world-class houses to Airbnb Luxe, Airbnb’s luxury arm. Million Dollar Luxe’s relationships with these two hospitality giants illustrate how the brand has become a paradigm for the short-term vacation rental industry.

How did MDL arrive at this rarified place? Partly by cultivating the owners of mansions and villas, speaking to what connects with the 1%. As Marina Drabkin, founder and CEO of Million Dollar Luxe, puts it, “Every wealthy person that I know rents their houses. Do these executives and celebrities need to rent out their homes? Of course not. However, for those who know how to find the market and deliver quality, the opportunity is too great to ignore. While it may be shocking for the average reader to learn, this is exactly why so many high-net-worth individuals are renting their homes. They are making too much money to stop.”

In time, we think it is likely other giant hotel chains will follow Marriott’s lead and enter the luxury rental market. It’s too lucrative for them to ignore. Should MDL be worried? We do not think so. Every luxury market, from jewelry to air travel, has a high end, and beyond that, an even higher-end – a tier open only to the few who demand and can afford the best. To those who want to take advantage of the cultural and environmental riches Los Angeles has to offer, Million Dollar Luxe’s capabilities are unparalleled. Its unique melange of jaw-dropping mansions located in LA’s most desirable neighborhoods with personalized concierge services make Million Dollar Luxe the logical choice for those who want, and are used to having, everything.

To find out more about this exclusive company and industry pioneer, visit: milliondollarluxe.com.

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