The Reefs Fractional Development Set To Launch In Bermuda

It was announced today that this summer The Reefs Club will be the latest fractional ownership development to launch in Bermuda.

The new residence club will offer 19 apartments, including eight three-bedroom units and 11 two-bedroom units, with all of the rooms offering a balcony and sea view and private hot tubs on the verandas. The residences start at $350,000 for one-tenth ownership of a two-bedroom and $410,000 for three-bedrooms. Newstead Belmont Hills Golf Resort and Spa was the last fractional ownership scheme to open in Bermuda.

The president of The Reefs, David Dodwell said that the new development was expected to be completed on in six weeks' time, with the club opening to its fractional owners at the end of June when all the furnishings have been fitted, the finishing touches will be added by the end of July. Everything should be done on time and to budget, as they were well financed before the economic downturn hit Dodwell said. The Reefs has been very impressed by their contractors Greymane, led by president Tomas Smith.

"On the ownership front, we are a little more than a quarter filled. We were affected by this recession just like everyone else and we were doing well until it hit.”

"But at the end of the day we’re selling fractional ownership which in turn is a lifestyle and a experience to the customers.” Dodwell added that it was crucial for them to finish the project on time and on budget as well as being able to show it to the rest of the world. The Reefs' marketing strategy had been to target the north east corridor of the US, primarily using public relations and advertising, in addition to personalised letters and e-mails sent out to new and existing clients. "It is a typical market for visitors anywhere, we are fishing where the fish are.”

Some of the services that fractional owners can expect include being welcomed on arrival at their very own private reception and concierge area before being escorted to their residences. Fractional owners will be able to use all the state of the art amenities such as the owners' lounge, an exclusive club room complete with a bar, pool table and television at their disposal, as well as a private state-of-the-art fitness centre.

Other benefits range from an infinity-edge pool, rooftop putting green with Atlantic views, while The Reefs' three restaurants and new La Serena Spa with eight treatment rooms, also due to open at the end of June, will be shared by both the hotel and residence club, with owners able to buy restaurant meal plans to enjoy during their visits. A new laundry room will also be completed for the hotel soon.
All the residences is to be furnished in contemporary Bermudian style. Flat screen televisions, spa bathrooms and gourmet kitchens are just some of the amenities featured. Meanwhile, visitors booking stays at The Reefs can also choose to rent the Club residences until the inventory has been sold out.

The whole project, has been four years in planning and development. Mr. Dodwell said that despite the fact that they’re very pleased to see the development come to completion, they have further plans to keep upgrading and improving both The Reefs and his other hotel in Nevis in the Caribbean. He said that a hotel never stops. "What we create here are memories, so the guest doesn't leave with much that is tangible, but what we hope is they leave with a good memory."

www.ReefsClub.com

07/05/2009

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