| 12 Jul 2010 |
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Hideaways Club sets up Dubai base
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Monday, Jul 12, 2010
Gulf News
property fund targets gcc investors
Dubai UK-based Hideaways Club, a property investment fund for a portfolio of luxury villas and mansions around the world, is setting up a base in Dubai to target Middle East investors. A new sales and marketing operation will be established here for the GCC countries, a Hideaway spokesperson told Gulf News.
The business model of the Hideaways Club is to offer its investors an exclusive membership for the use of overseas holiday homes. The properties are fully maintained and serviced on behalf of the fund investors, and by buying a share in the fund investors automatically become members of The Hideaways Club.
“I’ve had a long relationship with the UAE and have always believed that The Hideaways Club would appeal to the unique demographics here,” said Mike Balfour, chairman and co-founder of the Hideaways Club.
“There are many expats and nationals looking for sound investments that offer that something extra. We are very excited by the initial response we have had in the region and we see the Middle East as one of the fastest growing and most exciting destinations in which to launch the Club,” he added.
Members of the club enjoy the use of over 45 multi-million euros in properties. The Hideaways Club is now the largest club of its kind in Europe with over 140 members, and over the next three years is targeting 600 members and 100 properties.
Current locations of properties in the company portfolio include Switzerland, France, Italy, Spain, Portugal, Majorca, Ibiza, Croatia, Morocco, South Africa, Mauritius, Bali and Phuket, with more coming online this year.
All club properties are primarily detached with an average value of around 1.5 to 2 million euros with some in excess of that.
Membership prices range from £245,000 (Dh1,33 million) to £127,500 (Dh714,000), with annual fees of between £7,000 and £14,000. Depending on the status, members can spend between two and six weeks in the club’s properties.
The Hideaways Club has already entered a partnership with Etihad Airways to offer, among other amenities, bespoke travel fares and fine-dining options at lounges.
140
current Hideaways Club members
600
members targeted over next three years
100
club properties ?worldwide
By Arno Maierbrugger?Deputy Business Editor
© Gulf News 2010. All rights reserved.
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