IFA Hotels & Resorts launches Fractional Ownership Product

Published May 1st, 2007 - 01:08 GMT

IFA Hotels & Resorts (IFA HR) announced today at the Arabian Travel Market the launch of the region’s first Private Residence Club community, Fairmont Heritage Place, Kingdom of Sheba, on the Crescent of The Palm Jumeirah island in Dubai. 

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR stated, “We’re excited about bringing Fairmont Heritage Place to the Middle East, and in particular about introducing such an innovative ownership product to our largest development. We’re also delighted that we have been able to continue our relationship with Fairmont Hotels & Resorts, growing what is already an impressive international portfolio for both companies. We have no doubt that the Fairmont Heritage Place, Kingdom of Sheba will become the most exclusive Private Residence Club in Dubai and in the region.”

Fairmont Heritage Place, Kingdom of Sheba will form part of the Kingdom of Sheba resort that covers 141,500 square metres of prime land on the crescent of the Palm Jumeirah, adjacent to the renowned Atlantis development. Offering just 50 homes, each divided into saleable fractions of 1/10th, members in the development will be limited to 500 select purchasers.

Piaras Moriarty, Vice President Vacation Ownership IFA Hotels & Resorts, stated, “A Private Residence Club like Fairmont Heritage Place allows discerning vacation home owners to experience the benefits of owning an exquisite resort home without the constraints of traditional vacation home ownership. Furthermore, the equity held provides a secure, transferable and potentially rewarding investment in perpetuity. In addition to the benefits of owning real estate in one of the world’s most desirable locations, Fairmont Heritage Place, Kingdom of Sheba provides all of the services and amenities of a five star hotel.”

The Fairmont Heritage Place business model was created by Fairmont Hotels & Resorts as an enhancement to its portfolio in 2003 with the launch of Fairmont Heritage Place, Acapulco in Mexico and adheres in all respects to standards set by the finest Private Residence Clubs in the world. Other Fairmont Heritage Place communities  include Telluride, Colorado; San Francisco, California and now, Kingdom of Sheba, Dubai.

Greg Doman, Senior Vice President Residential Development, Fairmont Raffles Hotels International Inc, said, “We are delighted to bring the Fairmont Heritage Place concept to the Middle East and we can’t think of a better location than within the Kingdom of Sheba, where owners’ experiences will be enhanced by five star service from Fairmont. We are also happy to continue to expand our strategic partnership as the operator for all IFA Hotels & Resorts’ projects on The Palm Jumeirah.” 

Owners of Fairmont Heritage Place, Kingdom of Sheba are guaranteed 14 days use of their own home and a further 14 days either within their own home or in a similar one each year. These home reservations may also be exchanged for time at another Fairmont Heritage Place community or at another Fairmont Hotels & Resorts’ property around the world. In totality, at least four weeks of usage is guaranteed in their home and/or at international properties.

Additionally, owners have virtually unlimited use of any remaining availability at Fairmont Heritage Place, Kingdom of Sheba throughout the year, subject to booking no more than 60 days in advance. 

Moriarty added, “Fairmont Heritage Place, Kingdom of Sheba represents much more than a superb vacation home and excellent property investment that can be passed down from generation to generation. As a Private Residence Club, it also offers an investment in lifestyle and an assured means of enjoying quality time with family and friends, enhanced by services and facilities of uncompromising luxury.”

Fairmont Heritage Place, Kingdom of Sheba offers valet parking; 24-hour concierge, butler and room service; a private beach, swimming pool and gardens; The Owner’s Lounge, a state-of-the-art exercise room, an international delicatessen and coffee shop, daily housekeeping, a Junior Internet and PlayStation® lounge, access to all the onsite hotel’s facilities and more.

The Kingdom of Sheba resort will be managed by Fairmont Hotels & Resorts and will consist of five separate and unique elements, each strongly influenced by classic Arab architecture – residences, hotel, Private Residence Club, vacation club and a souq (retail plaza). The combined value of the resort is in excess of US$1 billion and will be completed by mid 2010.

Al-Bahar concluded: “The launch of Fairmont Heritage Place, Kingdom of Sheba exemplifies our strategic plan to further diversify our portfolio of global investment opportunities to fit the needs of our growing customer base. In the near future, you will see more IFA Hotels & Resorts’ product launches around the world within the lifestyle membership arena.”

 

IFA Hotels & Resorts – www.ifahotelsresorts.com

IFA Hotels & Resorts is a leader in the development of premier integrated and mixed-use hotel and tourism resort projects throughout Europe, the Middle East, the Far East, the Indian Ocean region and Africa.

IFA Hotels & Resorts’ activity in resort development began in the mid 80s with the acquisition and development of Pine Cliffs Resort in the Algarve, Portugal, through United Investments Portugal, which is part of the IFA Consortium.

The grandeur of Pine Cliffs provided the ideal environment for investment in the real estate sector as well as residential homes and resort living, and thus the consortium’s link with the hospitality sector developed. Today, IFA Hotels & Resorts sets the international benchmark for the development of world class integrated real estate development.

IFA Hotels & Resorts’ main operating office is located in Dubai, while it’s head office is in Kuwait.  The company is run by Chairman and Managing Director Talal Jassim Al-Bahar along with President & COO Werner Burger and VPs in key markets across the globe including Portugal, the United Kingdom, Dubai, Lebanon, Kenya, Zanzibar and South Africa. IFA Hotels & Resorts is a specialist in resort development, and the company enjoys close links to premier hospitality operators such as Fairmont Hotels & Resorts, appointed to manage some of its developments both in South Africa and in Dubai.

IFA Hotels & Resorts listed on the Kuwait Stock Exchange in January 2006, with a market capitalisation of over US$ 1 billion. The company also listed on the South African JSE Limited (Johannesburg Stock Exchange) during 2006 with plans to list on other major exchanges in the future. In January 2007, the company invested in listed Thai developer Raimon Land.

Globally, IFA Hotels & Resorts has entered into strategic alliances and joint venture partnerships with leading companies such as Kingdom Hotel Investment Group (Saudi Arabia), Nakheel (UAE), Istithmar (UAE), United Investments (Portugal), a strategic alliance with RCI (part of the Cendant’s Group), Moreland Developments (Pty) Ltd (South Africa), Boschendal Ltd. (South Africa), Raimon Land (Thailand) and most recently Ohlthaver & List (Namibia).

IFA Hotels & Resorts aims to link its resorts to new parts of the globe, such as the US, the UK, the Indian Ocean and Eastern Europe. This will offer investors and tourists access to world class facilities through a network of hotels, residential resorts, vacation and residence club destinations.

IFA Hotels & Resorts Worldwide Projects:

DUBAI

IFA Hotels & Resorts is the largest investor on The Palm Jumeirah.

• The Fairmont Palm Hotel & Resort – A 400 room 5 star hotel on the trunk of The Palm Jumeirah.
• The Fairmont Palm Residence - 558 luxury apartments. (www.fairmontpalmresidence.com)
• The Palm Residence - Al Nabat and Al Haseer - two shoreline residential buildings on the trunk of The Palm Jumeirah, with 246 apartments.
• The Palm Golden Mile development - A joint venture project with Istithmar. A project featuring 860 luxury apartments, 19,500 sq. metres of office space and 22,000 sq. metres of retail space comprising boutique shops and restaurants, all stretching along 7.8 hectors of park land. (www.thepalmgoldenmile.com)
• Kingdom of Sheba - A 1,000 key destination on the Crescent of The Palm Jumeirah (adjacent to Atlantis) comprising residences (Balqis Residence), a Hotel (Fairmont Kingdom of Sheba), Vacation Club (Fairmont Vacation Club, Kingdom of Sheba), Private Residence Club (Fairmont Heritage Place, Kingdom of Sheba) and a souq (retail plaza) – all to be managed by Fairmont Hotels & Resorts. (www.kingdomofsheba.com)
• Laguna Tower – A 40 storey mixed-use tower located in the Jumeirah Lake Towers, next to the Dubai Marina, comprising residential apartments and a hotel-residence managed by Mövenpick Hotels & Resorts, the Movenpick Hotel & Residence Laguna Tower Dubai, in addition to retail and restaurants along the waterfront. (www.lagunatower.com)

LEBANON

• Alabadiyah Hills - A luxurious mountainside retreat in Bhamdoun, overlooking Beirut. This 7.5 hectare project will consist of high-end residential villas, townhouses and apartments, in addition to a world renowned spa and beauty clinic, which will be managed by Kempinski Hotels. (www.abadiyahhills.com)
• Four Seasons Hotel Beirut - IFA Hotels & Resorts is also a shareholder in this upcoming development.

PORTUGAL

IFA Hotels & Resorts is the force behind the super-premium Sheraton Algarve Hotel (www.luxurycollection.com) and Pine Cliffs Resort (www.pinecliffs.com), part of Starwood’s Luxury Collection.

SOUTH AFRICA

• Zimbali Coastal Resort & Zimbali Lakes Resort - IFA Hotels & Resorts owns a 50% share in the luxurious resort, a 700 hectare prime residential and resort estate located on the north coast of KwaZulu-Natal. (www.zimbali.co.za)
• Zimbali Lodge - IFA Hotels & Resorts owns the exclusive Zimbali Lodge, managed by Sun International Limited. (www.zimbalilodge.co.za)
• The Fairmont Zimbali – A new 154 hotel key resort, with a unique portfolio of freehold properties including  57 apartments, 17 ultra luxury villas, 20 golf chalets and 10 villas incorporated into a Fairmont Heritage Place Private Residence Club, all to be managed by Fairmont Hotels & Resorts. (www.fairmontzimbali.com)
• Boschendal Limited - A mixed- use resort development at an historic Cape Estate. (www.boschendal.com)

KENYA

• Lonrho Hotels – IFA Hotels & Resorts is a shareholder in five Lonrho Hotels in Kenya (www.lonrhohotels.com)

ZANZIBAR

• Mövenpick Resort & Spa – Zanzibar- Located on the historic Tanzanian spice island, with joint venture partner Kingdom Hotel Investments, the new resort will be re-opened in the last quarter of 2006 and will be managed by Mövenpick Hotels & Resorts. (www.zanzibarbeachresort.com)

NAMIBIA

• IFA Hotels & Resorts formed a joint venture with Ohlthaver & List and introduced Kempinski Hotels to operate all four of the joint venture hotel properties within the Namib Sun Portfolio: The Strand Hotel, King’s Den Lodge, Mokuti Lodge and a fourth hotel to be developed in Windhoek. (www.ohlthaverlist.com)

UNITED KINGDOM

• YOTEL – IFA Hotels & Resorts is the majority investor in the two YOTEL hotels in Heathrow and Gatwick. (www.yotel.com)

THAILAND

• IFA Hotels & Resorts owns approximately 24.9% of listed Thai real estate developer, Raimon Land.  The Raimon Land portfolio includes: The Lofts Sathorn, The Lakes, The Legend Saladaeng, Northshore (Pattaya), Kata Gardens (Phuket), The Heights (Phuket), Northpoint (Pattaya), The Lofts Yannakart (Bangkok) and The River (Bangkok). (www.raimonland.com)

INVESTMENT AND HOSPITALITY PRODUCTS:

IFA Hotels & Resorts’ programme of brand acquisition and developer partnerships will continue into the future, illustrated by the ever growing strength of its product range:

• IFA - Hotels & Resorts
• IFA - Lifestyle Membership Clubs
• IFA - Vacation Ownership
• IFA - Fractional Ownership
• IFA - Hotel Ownership
• IFA  Residences
• IFA Properties
• IFA Yacht Ownership
• IFA Jet Ownership
• IFA – Travel & Tourism

This unique product range enables IFA Hotels & Resorts to continuously anticipate and deliver to the varying property investment and leisure requirements across the globe.

 

 


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