IFA Hotels targeting guests for ownership scheme

Fairmont Heritage Place, The Palm's 10 luxury suites are located on the top two floors of the Fairmont The Palm Hotel.

Global real estate and resort developer IFA Hotels & Resorts is targeting guests at its Fairmont The Palm property for the recently opened Fairmont Heritage Place, The Palm luxury private residence club.

Fairmont Heritage Place, The Palm is comprised of 10 luxury suites within the five-star Fairmont The Palm hotel on Dubai’s Palm Jumeirah man-made island.

“IFA HR is the first to bring a five-star branded private residence club to Dubai, a great position to be in given that it fills such an obvious gap in the market,” said Talal Al-Bahar, chairman and group CEO of IFA Hotels & Resorts.

Story continues below

“It is an ideal ownership option for holidaymakers and businesspeople that frequent the UAE and are looking for an ultra-exclusive address to call home. In fact, we are so convinced of its appeal that we are developing a new business unit within the company that aims to create a global network of vacation real estate products. ”

As part of the scheme buyers are able purchase a fractional interest in one of 10 one and two bedroom residences on the penthouse levels of the hotel, with a set number of weeks stay available to them per year depending on the size of their share.

One share grants the owner a minimum of 21 days access to the residence each year, as well as unlimited ‘Heritage Time’. Heritage Time allows owners to utilize the residence beyond their 21 days when it not in use, meaning that owners can visit the hotel for a minimum of two days and maximum of seven within giving 48 hours notice.

Joe Sita, CEO of IFA Hotel Investments, which asset manages the property, said: “Many of our owners are frequent business travellers and so they also see tremendous value in the Fairmont President’s Club membership that is granted to buyers.”

“Membership privileges include a 20% discount on Fairmont rack rates, upgrades to the best available suite, personalized service and access to invitation-only events,” he added.

Owners at Fairmont Heritage Place, The Palm can also enjoy use of the hotel’s services and amenities including airport transfers, valet parking, concierge, housekeeping, room service, preferred rates at Willow Stream Spa and priority restaurant reservations, as well as use of an exclusive, well-appointed lobby level Owners’ Lounge.