Condo Hotel Spreads to India

June 30, 2008 – 7:06 pm
Now, book a `condotel’
by S. Shanker  Sunday, 29 June , 2008, 09:47

This format ensures buyers that their investments not only offer them return but also the comfort of being able to occupy their resorts at their convenience. Though popular overseas, this revenue generating model has few promoters among the builder fraternity here as it ties them down permanently to the projects.

The Philippines-based Sterling Construction Systems is building 217 `serviced, custom-sized vacation homes’ in scenic Neral, about 80 km from Mumbai. About 170 have been sold in a couple of months, with bankers and business houses taking to the concept.

The company intends to replicate the model in Kerala, Goa, Shimla, Mussorie and Chikmaglur.

The promoters call the vacation homes ‘condotel’, which offers ownership of a fully-serviced vacation home. When buyers are not using the home they can leverage the support of the hotel chain on the premises to rent and manage the units as a hotel room.

The difference between a hotel and a condo-hotel is that a hotel typically has one owner, either individual or corporate, but condo hotels are sold off unit by unit, said Harinder Bhalla, Vice-President, Sales and Marketing of SCS.

The hospitality partner of SCS is the global hotel chain Best Western, which will manage the resort and service the apartments. The condo units, varying from 500 sq.ft to 1,100 sq.ft are priced between Rs 23 lakh and Rs 57 lakh.

The resort is a 60-room complex close to the condo units.

Rent back is 6 per cent of the property value of the units. Furnishing and interiors of about Rs 3 lakh will be at buyer cost and should conform to Best Western’s standards. Unit-owners are given the option of 30 days stay a year. Maintenance, otherwise charged, is Rs 4 per sq.ft.

Deepak Gupta, COO, Best Western, said there were over 4,000 hotels in the chain and their daily online bookings amount to $1 million.

Add-ons onsite include a swimming pool with an ultra-modern club house, a spa and gymnasium.

Urban format

Mumbai-based Royal Palms, which has a sizable land bank in Goregaon, has attempted to push across this format with fair success.

About 40 condo units have been booked in its Piccadilly V, which comprise 70 units of 340 sq.ft each. The units cost between Rs 23 lakh and Rs 30 lakh, depending on floor rise.

Dilawar Nensey, Joint Managing Director, Royal Palms, said the condos have generated a lot of interest among those aspiring to buy a second/weekend home. Most of the buyers are IT executives, diamond merchants and senior executives of multi-national companies.

By bwaun | Posted in Condo Hotels | Comments (0)

MLS for Resort Real Estate

June 30, 2008 – 6:55 pm

NASHVILLE, Tenn., June 2, 2008 /PRNewswire via COMTEX/ —-Nationally-known resort real estate guru Jim Olin has joined forces with residential real estate veteran Buddy Boone to launch Resort Connection, (http://www.resortconnection.com) the only national real estate network focused exclusively on resort real estate, including condominiums, vacation homes, undeveloped property, and urban resort condos.

The member-based company offers seamless access to an exclusive, national resort multi-listing service for Resort Connection members across the country, and provides on-location brokers in vacation destination markets and major cities. Benefits for members also include education and training materials, a certification program, custom web page, newsletters, state-of-the-art web technology, a dedicated member services department, and sales override opportunities.

Buyers have traditionally had to contact or visit various destination real estate agencies to research resort investment opportunities. Resort Connection allows buyers to work with their hometown Resort Connection member throughout the process of researching, visiting, purchasing, and even financing their resort real estate, with all involved agents and brokers earning commission.

“We funnel resort real estate through one hub, giving agents one-stop access to a virtual endless list of available resort real estate for every type of destination,” said Olin. “It is a tremendous boost to the slow real estate market, and a win-win for buyers, agents, and developers.”

Resort Connection also gives developers national exposure to a warm market of potential buyers they may not otherwise be able to reach.

“Resort Connection is the most positive news to come out of the real estate industry in a long time,” said Buddy Breland, developer of Shores of Panama and Florencia on Florida’s Northern Gulf Coast. “It allows us to market our investment opportunities nationwide through a single source, rather than having to cherry pick advertising markets or wait for buyers to show up at our door.”

The Resort Connection concept was originally founded by Boone, Resort Connection’s Chief Operating Officer, and RE/MAX Greater Atlanta, the eighteenth-largest real estate broker in the nation. The firm’s owners are still partners in the company, but Olin, Resort Connection CEO and Managing Partner, now has controlling interest. Previously, Olin was CEO of ResortQuest International, which has over 20,000 rental units and 350 resort real estate agents throughout the country.

By bwaun | Posted in Second Homes | Comments (0)

Maryland Fractional

June 30, 2008 – 6:48 pm

Second Homes at Deep Creek Lake offers unique way to vacation; business first of its kind in Md.

by: Sarah Moses Cumberland Times-News
Though people may be familiar with the idea of a time share, a new type of second/vacation home available at Deep Creek Lake allows a person to own a percentage of a property rather than paying for its use.

“With a time share, you are getting time,” Pam Scott, owner of Second Homes at Deep Creek Lake, said. “With this, you get a deed. This is upscale, though it could be called time share’s distant cousin. Each of the six owners has a deeded interest. It’s very much legally owned by each of them.”

Scott said she was the first in the state to institute the sale of fractional homes, where six property owners split the cost and use of a single home. She said the practice already existed all over the country at places like Lake Tahoe and other resort areas, and with rising housing costs, she felt it was a natural fit for the lake area.

As a former second home owner, she found that much of the time that could be spent enjoying a second home is usually done in the upkeep of the home. That is why the property is maintained and cleaned by a property management company.

Scott said quarterly, the owners pay a maintenance fee for the house, covering the home’s bills and taxes.

She manages two of these homes, one lakeside property off Glendale Road and the other near Wisp Resort, both in McHenry. However, since the Overlook was built near Wisp, other similar projects have begun in the area.

By bwaun | Posted in Fractional Ownership | Comments (0)

Westin Napa Fractional

June 30, 2008 – 1:53 pm

The Westin Verasa Napa Residences Set to Transform Downtown Napa
With Late September 2008 Opening
Condominium-Hotel to Include Stunning Architecture, Upscale Amenities and World-Renowned Chef

Napa, Calif. (May 19, 2008) – The Westin Verasa Napa Residences is preparing to become the epitome of the Napa Valley lifestyle when it opens in late September. The luxury condominium-hotel will bring to downtown Napa a distinctive level of service and amenities that will include one of America’s most highly acclaimed restaurants. A limited number of resort residences are still available starting from the mid $400,000s and sales are being managed by pre-eminent Bay area realtor Alain Pinel Realty.
Located a block away from the new Oxbow Market and COPIA, The American Center for Wine, Food & the Arts, The Westin is destined to become the focal point of Downtown Napa. The property will represent everything visitors enjoy about Napa, including the food, wine, regional architecture and outdoor lifestyle.
The 180-suite condo-hotel’s design is based on historic regional precedents, recalling the many influences evident in Napa and Bay Area architecture. It utilizes details and materials from this historic style, which include well-articulated windows, window bays, timbered elements, and wood, stone, and concrete accents.  The building embraces the river with an expansive pool courtyard and south wing opening up to the river.
The Westin Verasa, Napa, the first full-service, luxury property to be built in the area in nearly five years, will offer a degree of service that symbolizes the elegant yet relaxed lifestyle of the Napa Valley. Guests will have access to concierges that will help them make the most of their stay in the wine country, giving them easy access to wine tastings, culinary attractions, spas and the area’s abundant recreation. Other Amenities will include a pool, hot tub, conference space, fitness center, easy access to river walking paths, valet, Westin Sensory Welcome, comprised of signature music, scent, botanicals and lighting in the lobby, the Westin Heavenly Bed® and around the clock tech assistance in the form of Westin Technical Concierge®.
The property will become known not only for Westin’s service and signature touches, but also is set to establish itself as the “go-to” culinary destination of Napa Valley thanks to Chef Ken Frank, who is moving his award-winning restaurant La Toque from its Rutherford location to The Westin Verasa, Napa. Since becoming a chef in the mid-1970s, Ken Frank has become known for his personalized style of cooking grounded in the French cuisine he grew to know and love while living in France as a teenager. Named one of “Best Restaurants in America” by The Wine Spectator, La Toque will find a new home with a warm and luxurious atmosphere and a comfortable patio as luxurious as the interior dining room.
“I’ve watched Napa evolve to the point where it’s really ready to take center stage in the valley,” said Frank. “I’m very excited about all the development and the positive things that are happening in downtown Napa. With Oxbow, COPIA and a bunch of wine bars downtown, Napa is going to become the go to destination in Napa Valley in the next 10 years.”
The Westin Verasa Napa Residences is be located approximately two blocks west of Downtown Napa and is conveniently located near all of Napa Valley’s attractions, including the wine train, wineries, COPIA, and the Oxbow Public Market.

By bwaun | Posted in Fractional Ownership | Comments (0)

Costa Rica Second Home Option

June 25, 2008 – 2:19 pm

Limoncito in Punta Leona, Costa Rica Is at Home With Nature Featuring Spectacular Scenery, Exotic Wildlife and Pristine Beaches

Adjacent to the Only Four-Star (highest rank) Blue-Flag Rated Beach in Costa Rica, Butterfly Farm, and Canopy Zip-Line Tours, Resort Places an Emphasis on Environmental Preservation

Punta Leona, Costa Rica (May 28, 2008)—Limoncito, a new luxury 58-room condo-hotel, is set to establish a serene retreat in the middle of some of Costa Rica’s most spectacular natural attractions. The new resort at Punta Leona will combine the uniqueness of a 30-year-old beach club infused with modern day luxuries built with environmental preservation in mind.

An Established Resort Community
Located 90 minutes from San Jose, Limoncito will be ensconced within the established, gated community of Punta Leona. During the past three decades, Punta Leona has served as a second-home escape and private beach club for Costa Ricans (Ticos) and international residents alike, creating a dynamic international resort community amid lush jungle and beach surroundings.
The resort community has three Bandera Azul (Blue Flag-rated) beaches, one of which boasts the only Four-Star designation in the country. Protected by the Nicoya Gulf, turquoise waters stay warm year-round, creating the finest swimming and snorkeling beaches in Costa Rica. Blanca Beach, home to a resident turtle family, and Mantas Beach have life guards year-round.

The Vision for Limoncito
The authenticity, appeal and activities of Punta Leona serve as the foundation for Limoncito, the new condo-hotel offering. Situated above the pristine shoreline of Limoncito Beach, the development will offer buyers a secure yet genuine Costa Rican experience while delivering the amenities and services they have come to expect from high-end North American resorts.
The condo-hotel will honor the natural landscape through low-density building on the 22-hectare site, with just six buildings tucked into a hillside that provides a natural separation and privacy. Dramatic ocean views and lush forest surroundings will dominate the site, which will have direct access to picturesque Playa Limoncito’s private beach cove via secluded trails. On these trails, guests and owners will encounter jungle “ranchos” placed along viewpoints on the trail for meditation, morning coffee and yoga.
Ranging in price from $250,000 – 850,000, the property’s architecture and design captures the essence of Costa Rica’s diverse environment.  The 850+ square foot one-bedroom, and expansive 1250+ square feet two-bedroom suites will feature tropical interiors with appointments and conveniences typically found at luxury resorts.
Limoncito owners will have access to a wide variety of on-site amenities such as multiple swimming pools, a natural waterfall, Jacuzzis, hammocks, and outdoor decks & terraces. The owner’s clubhouse will serve as a community gathering spot offering special events, movie nights, children’s area, fitness facilities and Barbecue areas.

Punta Leona’s Activities Bring Visitors Close to Nature
Punta Leona’s diverse activities enable visitors to be up close and personal with nature without ever leaving the resort. Guests will find an extensive network of jungle hiking and mountain biking trails, a resident naturalist expert and guide, a zip line tour of the jungle canopy and butterfly farm, among the many offerings.
Additional activities and amenities include multiple pools, two restaurants and snack bar, internet café, volleyball courts, lighted tennis courts, lighted soccer field and mini-golf. And within close proximity to Punta Leona are championship golf and a world-class marina at Los Suenos, sport-fishing charters, surfing, and neighboring towns’ shopping dining and nightlife.

An Eco-Minded Focus
Because nature gives so much value to the community, Punta Leona’s developers and residents are dedicated to giving back to nature. Sustainable building practices, a wetland management plan and onsite recycling program have all been implemented to minimize environmental impact.
Additionally, community-based initiatives including a reforestation program that has planted more than 30,000 trees, and an environment education program at nearby schools, foster opportunities for member residents to actively participate in caring for the surrounding ecosystem.
However, the most distinctive examples of environmental dedication is the success of Punta Leona’s Scarlet Macaw Nesting program. Ten years ago, when the local macaw population began to decline at an alarming rate, Punta Leona participated in building artificial nests in a protected area adjacent to the community. Since then the local Macaw population has doubled, and now is intermingling and breeding with flocks outside of the area.
For more information about Limoncito visit www.limoncitolife.com

By bwaun | Posted in Second Homes | Comments (0)