Maria Wood is senior editor of Real Estate Forum, from which this article is excerpted.

Anyone thinking of constructing a hotel would be well advised to hook up with a residential partner. Why's that? Because in order to get out of the ground today, most high-end lodging properties need to paired with a residential component, say market insiders.

Gone are the days when a developer or hotel company could plunk down a lodging property next to an office complex and have an immediate and steady stream of business travelers through its doors. Now, customers want their hotels near retail shops or as part of a lifestyle complex. Meanwhile, condominium buyers are attracted to residences that are affiliated with a lodging property, enabling them to enjoy the hotel's amenities, such as room service, housekeeping or a spa.

"The customer profile and behaviors are changing," says Ted Darnall, president of the real estate group at Starwood Hotels & Resorts Worldwide Inc. in White Plains. "They would rather travel a few miles to where they are doing business and stay in a lifestyle center with retail, some entertainment and restaurants."