Private Residence Club Expands into Africa
IFA Hotels & Resorts (IFA HR) recently announced the launch of its first Private Residence Club community in South Africa: Fairmont Heritage Place, Zimbali, located within the spectacular Zimbali Coastal Resort on the north coast of KwaZulu-Natal, 45 kilometres north of Durban.
Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR said, "We recently introduced Fairmont Heritage Place to Dubai within our Kingdom of Sheba development and it has been very successful, so we're looking forward to the same response as we bring this innovative ownership concept to South Africa."
Fairmont Heritage Place, Zimbali will form part of Fairmont Zimbali, an ultra luxury integrated mixed-use resort and residential development situated within the Zimbali Costal Resort, winner of Best Development, Best Golf Development, Best Property Marketing (South Africa) and Best International Property Marketing at last year's London International Property Awards.
The 18 superbly appointed homes within Fairmont Heritage Place, Zimbali are each divided into saleable fractions of 1/13th, and feature Fairmont's innovative reservation and time usage system, resulting in the creation of South Africa's premier and most international Private Residence Club. Pricing for a share in a two-bedroom 340-square-metre townhouse will start at approximately US$ 95,000.
Piaras Moriarty, Vice President Vacation Ownership, IFA HR stated, "Fairmont Heritage Place, Zimbali allows residents of South Africa to purchase an interest in South African Rand that will provide privileged access to other Fairmont destinations across the rest of Africa and around the world, without the currency hassles of making an international property purchase. It's also a great introduction to South Africa for people from around the world."
The equity held by each owner in Fairmont Heritage Place, Zimbali provides a secure, transferable and potentially rewarding investment in perpetuity. In addition to the benefits of owning real estate in one of South Africa's most beautiful regions and having access to the international Fairmont Heritage Place network, owners enjoy all of the services and amenities of a five star hotel.
Greg Doman, Senior Vice President Residential Development, Fairmont Raffles Hotels International Inc, said, "We are delighted to be working with IFA Hotels & Resorts to add yet another new Fairmont Heritage Place to our growing portfolio. We're also very pleased with the fact that Fairmont Heritage Place, Zimbali will become a part of the internationally recognised Zimbali Coastal Resort, where owners' experiences will be enhanced by five star service from Fairmont."
Owners of Fairmont Heritage Place, Zimbali are entitled to 14 days use of their own home and a further 7 days use either within their own home or in a similar one each year. Two of these three guaranteed weeks may be exchanged for time at another Fairmont Heritage Place community, while one week may be exchanged in order to stay at one of Fairmont Hotels & Resorts' property around the world.
Additionally, owners have virtually unlimited use of any remaining availability at Fairmont Heritage Place, Zimbali throughout the year, subject to booking no more than 60 days in advance.
Owners at Fairmont Heritage Place, Zimbali will enjoy access to two championship golf courses, the newest of which will the Zimbali Gary Player Signature Golf Course, Country Club and golf academy with a state-of-the-art driving range.
In addition to Fairmont Heritage Place, Zimbali, the Fairmont Zimbali resort will also consist of residences, a hotel and hotel condominium units. Construction on this project began in March 2007 and is scheduled for completion during 2009.
Al-Bahar concluded: "We're certain that Fairmont Heritage Place, Zimbali will establish a new benchmark for Fractional Ownership projects in South Africa and will prove to be not only another successful addition to the overall Zimbali Coastal Resort development, but also a property investment with longevity that can be passed down from generation to generation."
-Ends-
About IFA Hotels & Resorts
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
Movenpick 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.
For further information please contact:
Orient Planet PR & Marketing Communications
P.O. Box 23345,
Dubai,
UAE
Tel: +971 4 3988901
Fax: +971 4 3988941
Email: info@orientplanet.com
© Press Release 2007
