|By Sara Kennedy, The Bradenton Herald,
Fla.McClatchy-Tribune Regional News
Jun. 19, 2007 - SARASOTA -- The Sea Castle on Crescent Beach will be demolished and replaced with a new Hyatt Residence Beach Club at Siesta Key.
Brent Virkus, president and founder of Triton Companies, said Triton closed on the Sea Castle property June 1 and has signed an agreement as a partner in the project with Hyatt Hotels and Resorts. Demolition and construction is slated to begin early next year, he said.
The units will be sold as a "fractional ownership" resort, said Virkus.
Although sometimes mistakenly compared to a timeshare, fractional real estate owners are actually deeded partial ownership, typically one-quarter to one-twelfth of the actual real estate with shared-use privileges. Owners have access to premium destinations, luxurious residences, hotel amenities and personal service without the expense and hassle of a wholly-owned vacation residence.
"We had to think outside the box with the real estate market being what it is today," Virkus explained. "We knew we had the opportunity of a lifetime with the Sea Castle property---300 linear feet of beachfront on one of the best beaches in the world makes this spot extremely desirable."
Triton is a real estate development company with offices in Sarasota, Detroit and New York City. Its real estate portfolio is valued at more than $1 billion with properties across the U.S.
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