Developer Brent Virkus and Hyatt have just announced a planned $100 million private residence club right on the beach at Siesta Key
"And, in doing our research, we learned that people who own high-end luxury beachfront homes spend only limited time each year in the actual residence which makes a fractional ownership such an attractive option." Said Brent Virkus, president and founder of TRiTON Companies
The comments from Virkus echoed many of the reasons that we hear as to why people buy into luxury fractionals and private residence clubs. "It allows them enjoy their favorite places as an owner without the expense and hassle of a wholly-owned vacation residence." He said and then continued "Residents arriving for their beachfront living will find the refrigerator stocked to their specifications, their favorite linens on the bed, fresh flower arrangements throughout and 7:30 dinner reservations for any table in town, it's the ultimate in luxury living."
The Sarasota Herald-Tribune reported that the fractional shares are likely to be four week fractions of 2,000 square foot residences.
The working name is The Hyatt Residence Beach Club at Siesta Key and it is planned to open in 2009.
Many of the luxury hotel brands such as Four Seasons and Ritz-Carlton operate private residence clubs and several clubs already exist under the Hyatt name including: