Bavaria Executive Suites Vacation Club to be the first timeshare development in Dubai
RCI, one of the Wyndham Worldwide family of brands, and the world leader in vacation exchange, has announced an agreement with Dubai-based Al Ghaith Holdings to affiliate the soon to open Bavaria Executive Suites with its timeshare exchange program.Featuring no less than 450 one and two bedroom apartments, it represents the first timeshare development on Dubai's prestigious Sheikh Zayed Road.
Located at the cross roads of Dubai's new commercial and residential hub, adjacent to Dubai Media City and the access route to the Palm Jumeirah, Bavaria Executive Suites consists of two huge towers on either side of Sheikh Zayed Road.
Offering easy access to many of the city's leisure and commercial attractions, including the nearby Mall of the Emirates, Jumeirah beach and several golf clubs, Bavaria Executive Suites will target both business and leisure visitors.
In addition to the apartments, the development includes 2100 luxury suites, all of which contain a comprehensive range of 5 star amenities. This includes a choice of 8 restaurant concepts, sports facilities, shopping arcades and the latest Angsana Spa. Forty fully equipped offices and a meeting center to accommodate 10 to 1,000 delegates complete Bavaria's compelling offer. 'We believe that this stunning project will change the way that people take holidays in this part of the world and our affiliation with Group RCI will enhance this even further' said Sheikh Ali Hamel Al Ghaith, Chairman of Al Ghaith Holding, the company behind the project.
Nick Turner, managing director of Group RCI Middle East said: 'The Bavaria Suites Vacation Club is a very exciting consumer proposition which will be one of the largest timeshare vacation clubs of its kind in the Middle East and North Africa (MENA) region. We are delighted that the owner, Al Ghaith Holdings, has selected Group RCI to provide global services and benefits to future Bavaria Vacation Club owners.'
Turner explained that Group RCI was part of the team working with the local government on the policies of the new timeshare law regulating the shared ownership real estate industry. He said, 'This aims to be well thought through and protects the interests of the consumer, developer and brand of Dubai.' (AME Info)
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Recently we published another article related to the same topic:
"Conceived in the USA back in the 1980s, the apart-(or condo) hotel concept of marrying second homes with investing in property has now skipped across the Atlantic and matured to appeal to a new breed of investors in the Arabian Gulf. In the traditional buy-to-let role it is the owner who has to put in the hard graft of attracting, vetting and possibly evicting tenants, not to mention collecting the rent and carrying out maintenance and repairs. Serviced apartments hotels are now threatening to kick traditional buy-to-let where it hurts as one of its key selling points is that it's managed and marketed on the investors' behalf and therefore hassle-free.
Sometimes called 'serviced apartments' in the UK, in the US casually named "aparthotels" are springing up all over business hubs and coastal resorts around the world at an impressive rate.
Previously in Europe the trend that never reached Dubai was timeshare ownership, a vehicle that was great for lifestyle and regular usage but wholly ineffective for investment as owners faced low liquidity of assets, high depreciation, restrictions on resale and no actual real estate ownership.
Today the serviced apartments via hotel model, participants own the freehold of a quality real estate asset with the added value of high rental returns. All of this is then underpinned by capital appreciation. Additionally serviced apartments via hotels tend to give higher levels of income than traditional holiday homes but the real deal-maker for the investor is the complete absence of headaches as a branded hotel management or company takes them all on.
For a serviced apartment building to work and be able to compete against traditional luxury hotel chains all the ingredients have to be right. Optimum locations, comprehensive facilities, a respected developer, strong brand awareness and of course good on-site management are just some of those ingredients. But in reality, serviced apartments are carving their own niche in the marketplace rather than taking on traditional hotel chains head-to-head, as their offering to the holidaying public is very different.
In Europe, the serviced apartment buildings are quite literally flying off the shelves because they are so attractive and easy to understand. The pricing is affordable for many, the rental returns attractive, capital appreciation, free usage, great locations and the investor owns the freehold. To top it all: they're tax efficient.
The clue is in the name, serviced apartments are more 'apartments' rather than 'rooms' and even the largest traditional hotel suite would be hard-pushed to compete. With generous square meter sizes relaxing, entertaining, dining, working and sleeping can be done in separate areas enabling the children to sleep whilst Dad watches TV and Mum enjoys a glass of wine with friends. An equipped kitchen also allows the flexibility of eating in thus saving money and releasing guests from strict hotel meal timetables - a lazy late breakfast in bed is now a possibility. Likewise a washing machine saves on laundry costs or taking home a case full of dirty linen.
A serviced apartment feels like home-from-home.
(By Gergana Mineva, Editor)
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