New fractional ownership launched. Thursday, 17th May 2007 Source : IFA Hotels & Resorts

IFA Hotels launches the region's first Private Residence Club community, Fairmont Heritage Place, Kingdom of Sheba, on the Crescent of The Palm Jumeirah island in Dubai.

Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR stated, "We're excited about bringing Fairmont Heritage Place to the Middle East, and in particular about introducing such an innovative ownership product to our largest development. We're also delighted that we have been able to continue our relationship with Fairmont Hotels & Resorts, growing what is already an impressive international portfolio for both companies. We have no doubt that the Fairmont Heritage Place, Kingdom of Sheba will become the most exclusive Private Residence Club in Dubai and in the region."

Fairmont Heritage Place, Kingdom of Sheba will form part of the Kingdom of Sheba resort that covers 141,500 square metres of prime land on the crescent of the Palm Jumeirah, adjacent to the renowned Atlantis development. Offering just 50 homes, each divided into saleable fractions of 1/10th, members in the development will be limited to 500 select purchasers.

Piaras Moriarty, Vice President Vacation Ownership IFA Hotels & Resorts, stated, "A Private Residence Club like Fairmont Heritage Place allows discerning vacation home owners to experience the benefits of owning an exquisite resort home without the constraints of traditional vacation home ownership. Furthermore, the equity held provides a secure, transferable and potentially rewarding investment in perpetuity. In addition to the benefits of owning real estate in one of the world's most desirable locations, Fairmont Heritage Place, Kingdom of Sheba provides all of the services and amenities of a five star hotel."

The Fairmont Heritage Place business model was created by Fairmont Hotels & Resorts as an enhancement to its portfolio in 2003 with the launch of Fairmont Heritage Place, Acapulco in Mexico and adheres in all respects to standards set by the finest Private Residence Clubs in the world. Other Fairmont Heritage Place communities include Telluride, Colorado; San Francisco, California and now, Kingdom of Sheba, Dubai.

Greg Doman, Senior Vice President Residential Development, Fairmont Raffles Hotels International Inc, said, "We are delighted to bring the Fairmont Heritage Place concept to the Middle East and we can't think of a better location than within the Kingdom of Sheba, where owners' experiences will be enhanced by five star service from Fairmont. We are also happy to continue to expand our strategic partnership as the operator for all IFA Hotels & Resorts' projects on The Palm Jumeirah."

Owners of Fairmont Heritage Place, Kingdom of Sheba are guaranteed 14 days use of their own home and a further 14 days either within their own home or in a similar one each year. These home reservations may also be exchanged for time at another Fairmont Heritage Place community or at another Fairmont Hotels & Resorts' property around the world. In totality, at least four weeks of usage is guaranteed in their home and/or at international properties.

Additionally, owners have virtually unlimited use of any remaining availability at Fairmont Heritage Place, Kingdom of Sheba throughout the year, subject to booking no more than 60 days in advance.

Moriarty added, "Fairmont Heritage Place, Kingdom of Sheba represents much more than a superb vacation home and excellent property investment that can be passed down from generation to generation. As a Private Residence Club, it also offers an investment in lifestyle and an assured means of enjoying quality time with family and friends, enhanced by services and facilities of uncompromising luxury."

Fairmont Heritage Place, Kingdom of Sheba offers valet parking; 24-hour concierge, butler and room service; a private beach, swimming pool and gardens; The Owner's Lounge, a state-of-the-art exercise room, an international delicatessen and coffee shop, daily housekeeping, a Junior Internet and PlayStation lounge, access to all the onsite hotel's facilities and more.

The Kingdom of Sheba resort will be managed by Fairmont Hotels & Resorts and will consist of five separate and unique elements, each strongly influenced by classic Arab architecture residences, hotel, Private Residence Club, vacation club and a souq (retail plaza). The combined value of the resort is in excess of US$1 billion and will be completed by mid 2010.

Al-Bahar concluded: "The launch of Fairmont Heritage Place, Kingdom of Sheba exemplifies our strategic plan to further diversify our portfolio of global investment opportunities to fit the needs of our growing customer base. In the near future, you will see more IFA Hotels & Resorts' product launches around the world within the lifestyle membership arena."