13 February 2008
PARSIPPANY AND DUBAI - RCI® the world leader in vacation exchange, has announced an agreement with Dubai-based Ivory Grand LLC, the property enterprise owned by Mr. Mohammed Ali Abdullah Al Shafar and Humaid Al Suwaidi Real Estate LLC, to affiliate their new timeshare project.
The Ivory Grand development is located in Dubai's fast growing Al Barsha district in close proximity to one of the city's largest shopping and leisure complexes, Mall of the Emirates. The development consists of 70 units destined for the timeshare market with a further 150 one and two bed apartments marketed for short term rentals.
Research conducted earlier this year by RCI's sister company, Northcourse Leisure Real Estate Solutions, indicated that GCC nationals will be spending US$1.2Bn per annum on shared ownership leisure real estate by 2020. Also, for the vast majority of Gulf Arabs, especially Saudis, the draw of easy access to major shopping and leisure facilities was their main consideration when deciding upon a holiday destination. Both of these factors provide a compelling business case for the success of the Ivory Grand and Group RCI affiliation.
The development is inspired by a blend of oriental and modern architecture. Each five star equivalent apartment will be luxuriously appointed with a full range of appliances and modern amenities. Set for completion in late 2009, its well placed to cater to the preferences of the broader GCC communities, as well as European and Asian tourists. Offering easy access to the Dubai airport, only a 45 minute drive away, guests will enjoy a luxurious, hotel type experience with the benefit of much more space and flexibility for family members.
"The Ivory Grand affiliation is an excellent example of how Group RCI has the potential to add value to a developer's project," said Nick Turner, Managing Director of Group RCI in the Middle East. "With our regional network of customer service centers we offer the opportunity of distribution through a global network. We recognize the potential of the shared ownership market and have extensively researched the formula for success amongst the developing tourist market."
For additional information on the services offered to developers by Group RCI and how they can add potential value to leisure real estate projects, visit www.grouprci.com.
- Ends -
About Group RCI
Group RCI , part of the Wyndham Worldwide family of companies, (NYSE: WYN) is the global leader in non-hotel leisure accommodations with exclusive access for specified periods to more than 60,000 vacation properties in more than 100 countries. Organizationally, Group RCI is comprised of vacation exchange, including RCI®, the worldwide leader in vacation exchange and provider of travel services to businesses and consumers and The Registry CollectionÒ, the world's largest luxury exchange program; vacation rentals, including Endless Vacation Rentals(SM), Landal Greenparks®, Novasol®, and more than 30 other vacation rental brands, through which vacationers can rent a wide variety of property types, from city apartments to country cottages to unique villas; and NorthCourseSM Leisure Real Estate Solutions, an international leader in providing a full spectrum of advisory, research, asset management and sales and marketing services to developers and investors worldwide. Collectively, the company delivers unique vacation experiences to leisure travelers around the world and provides products and services to business customers that support the growth of the leisure real estate industry. Wyndham Worldwide Corporation is one of the world's largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange. For additional information visit www.grouprci.com or the media center of www.wyndhamworldwide.com.
PARSIPPANY AND DUBAI - RCI® the world leader in vacation exchange, has announced an agreement with Dubai-based Ivory Grand LLC, the property enterprise owned by Mr. Mohammed Ali Abdullah Al Shafar and Humaid Al Suwaidi Real Estate LLC, to affiliate their new timeshare project.
The Ivory Grand development is located in Dubai's fast growing Al Barsha district in close proximity to one of the city's largest shopping and leisure complexes, Mall of the Emirates. The development consists of 70 units destined for the timeshare market with a further 150 one and two bed apartments marketed for short term rentals.
Research conducted earlier this year by RCI's sister company, Northcourse Leisure Real Estate Solutions, indicated that GCC nationals will be spending US$1.2Bn per annum on shared ownership leisure real estate by 2020. Also, for the vast majority of Gulf Arabs, especially Saudis, the draw of easy access to major shopping and leisure facilities was their main consideration when deciding upon a holiday destination. Both of these factors provide a compelling business case for the success of the Ivory Grand and Group RCI affiliation.
The development is inspired by a blend of oriental and modern architecture. Each five star equivalent apartment will be luxuriously appointed with a full range of appliances and modern amenities. Set for completion in late 2009, its well placed to cater to the preferences of the broader GCC communities, as well as European and Asian tourists. Offering easy access to the Dubai airport, only a 45 minute drive away, guests will enjoy a luxurious, hotel type experience with the benefit of much more space and flexibility for family members.
"The Ivory Grand affiliation is an excellent example of how Group RCI has the potential to add value to a developer's project," said Nick Turner, Managing Director of Group RCI in the Middle East. "With our regional network of customer service centers we offer the opportunity of distribution through a global network. We recognize the potential of the shared ownership market and have extensively researched the formula for success amongst the developing tourist market."
For additional information on the services offered to developers by Group RCI and how they can add potential value to leisure real estate projects, visit www.grouprci.com.
- Ends -
About Group RCI
Group RCI , part of the Wyndham Worldwide family of companies, (NYSE: WYN) is the global leader in non-hotel leisure accommodations with exclusive access for specified periods to more than 60,000 vacation properties in more than 100 countries. Organizationally, Group RCI is comprised of vacation exchange, including RCI®, the worldwide leader in vacation exchange and provider of travel services to businesses and consumers and The Registry CollectionÒ, the world's largest luxury exchange program; vacation rentals, including Endless Vacation Rentals(SM), Landal Greenparks®, Novasol®, and more than 30 other vacation rental brands, through which vacationers can rent a wide variety of property types, from city apartments to country cottages to unique villas; and NorthCourseSM Leisure Real Estate Solutions, an international leader in providing a full spectrum of advisory, research, asset management and sales and marketing services to developers and investors worldwide. Collectively, the company delivers unique vacation experiences to leisure travelers around the world and provides products and services to business customers that support the growth of the leisure real estate industry. Wyndham Worldwide Corporation is one of the world's largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange. For additional information visit www.grouprci.com or the media center of www.wyndhamworldwide.com.
© Press Release 2008
