Fractional Ownership News

IFA launches Dubai condo hotel scheme

Kuwait-based IFA Hotels and Resorts has launched its second hotel condominium ownership product in the Middle East, within the five-star Fairmont Palm Jumeirah hotel in Dubai.

The concept allows investors to buy a fully furnished, five-star branded hotel room within a rental pool system. It guarantees annual returns of 10% per year for the first five years, and a guaranteed buy back premium of 10% after five years from the hotel's opening. Additionally, owners can stay in the hotel for up to 30 days a year.

Werner Burger, President & COO of IFA HR stated: “Worldwide, hotel condominiums are one of the fastest growing sectors of the real estate industry. As the first company to introduce the concept of hotel condominium ownership to the Middle East, we have seen its appeal continue to grow, particularly in markets like Dubai where hotel occupancy is still one of the highest in the world.”

Piaras Moriarty, VP Client Management, IFA HR said: “With banks’ deposit rates at historical lows the purchase of a hotel condominium property is an attractive alternative for those wishing to diversify and improve the return of their investment portfolios.”

Luxury hotel operator Fairmont Hotels & Resorts will be responsible for the day-to-day administration, marketing, servicing and maintenance of the hotel.

www.ifahotels.com

17/11/09

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