IFA Hotels & Resorts Introduces Intelligent Alternative to Second Home Ownership in Dubai
Fairmont Heritage Place, The Palm Offers Vacation Homes in an Unparalleled Destination
Dubai, 11 Nov 2013: Global real estate and resort developer IFA Hotels & Resorts (IFA HR) has now added Fairmont Heritage Place, The Palm to its collection of luxury private residence clubs. Fairmont Heritage Place, The Palm is situated within the five-star Fairmont The Palm hotel on Dubai’s most iconic island. The residential enclave within the hotel is designed to offer frequent visitors to the region a place to call home without the constraints of full-time home ownership.
“We are proud to be the first company in the region to introduce and deliver new concepts to the market. IFA HR is the first to bring a five-star branded private residence club to Dubai, a great position to be in given that it fills such an obvious gap in the market,” stated Talal Al-Bahar, Chairman and Group CEO, IFA Hotels & Resorts. “It is an ideal ownership option for holidaymakers and businesspeople that frequent the UAE and are looking for an ultra-exclusive address to call home. In fact, we are so convinced of its appeal that we are developing a new business unit within the company that aims to create a global network of vacation real estate products. ”
Rather than purchasing and maintaining a property full-time when it is only used occasionally, buyers are able purchase a fractional interest in one of the 10 one- and two-bedroom residences on the penthouse levels of the hotel. This interest (a shareholding in the property-owning company) grants the owner a minimum of 21 days access to the residence each year, as well as unlimited Heritage Time. Heritage Time allows owners to utilize the residence beyond their 21 days when it is not in use.
The residences are beautifully finished and generously scaled with one-bedroom units averaging 144m2 and two-bedroom units averaging 223m2. All bedrooms have large en-suite bathrooms, open concept dining and living areas and large private terraces running the length of the residences.
Owners at Fairmont Heritage Place, The Palm enjoy use of the hotel’s exceptional services and amenities including airport transfers, valet parking, concierge, housekeeping, room service, preferred rates at Willow Stream Spa and priority restaurant reservations, as well as use of an exclusive, well-appointed lobby level Owners’ Lounge. Within the hotel, owners have several restaurants and lounges from which to choose and a myriad of outdoor leisure facilities including a private beach club, an outdoor pool complex and children's activity centre.
Joe Sita, CEO of IFA Hotel Investments, which asset manages the property, adds: “Many of our owners are frequent business travelers and so they also see tremendous value in the Fairmont President’s Club membership that is granted to buyers. Membership privileges include a 20% discount on Fairmont rack rates, upgrades to the best available suite, personalized service and access to invitation-only events. Perks like these, as well as having your fridge stocked with your favourite foods, your belongings set out, access to room-service and housekeeping are what make this product so appealing. It creates an option where all the hassle and stress of holiday home ownership is removed but the benefits remain.”
Also unlike a traditional holiday home, Fairmont Heritage Place, The Palm offers owners exchange privileges across the Fairmont Heritage Place portfolio and at selected Fairmont, Raffles or Swissôtel hotels and resorts around the world. Exchange privileges are also available through the Registry Collection, meaning a home interest purchased in Dubai can be enjoyed almost anywhere in the world.
Al-Bahar concludes: “Fractional ownership is making its presence known all over the world: recently flourishing in Brazil, Portugal, South Africa and the Turks and Caicos. And, it’s not just the second home market. London has launched fractions in a Classic Car club, Singapore launched a similar club for Supercars and jet companies have been using this platform for years. Companies are capitalizing on the concept because it makes sense: have access to the best of everything, but only pay a fraction of the price.”
About IFA Hotels & Resorts
IFA Hotels & Resorts (IFA HR) is an international mixed-use hotel and resort developer with projects designed to meet a broad spectrum of hospitality and residential needs.
The company has dozens of projects throughout the Middle East, Europe, Africa, North America and the Indian Ocean. Each of the company’s operational assets is managed by its wholly owned subsidiary – Dubai-based IFA Hotel Investments.
In addition to hotels, IFA HR’s portfolio includes mixed-use residential resorts and sound appreciating investment opportunities ranging from hotel condominiums and vacation clubs to private residence clubs and stunning homes.
In every market in which it operates, IFA HR partners with leading companies offering local expertise, including Related Companies in the USA, Istithmar in the UAE and Tongaat Hulett in South Africa.
Listed on the Kuwait Stock Exchange, IFA Hotels & Resorts (IFA HR) has a market capitalization of approximately US$1billion. The company's main shareholder is Kuwait-based International Financial Advisors.
About IFA HOTEL INVESTMENTS:
IFA Hotel Investments (IFA HI) is a wholly owned subsidiary of publically listed IFA Hotels & Resorts (IFA HR). Listed on the Kuwait Stock Exchange, IFA Hotels & Resorts (IFA HR) has a market capitalization of approximately US$1billion. The company's main shareholder is Kuwait-based International Financial Advisors. Established in 2010, IFA HI’s role is to encompass and lead, on a worldwide scale, IFA Hotels & Resorts’ operational asset portfolio including its hotels, hotel condominiums, commercial, retail and food and beverage ventures across North America, Europe, the Middle East, Africa and the Indian Ocean.
IFA Hotel Investments also oversees the IFA Collection, which manages the company’s private residence clubs, vacation clubs and lifestyle ownership products. IFA HI focuses mainly on assets in emerging markets; an area in which the company has an advantage through applying IFA HR’s proven formula of asset class diversification. This approach allows IFA HI to respond advantageously to market changes by introducing new products. Leading similar expansion efforts in developed markets is YOTEL, the world’s most radical hotel concept, in which IFA HR has a majority stake and which IFA HI oversees.