|By Sara Kennedy, The Bradenton Herald,
Fla.McClatchy-Tribune Regional News
Jan. 17, 2008 -SIESTA KEY -- The former Sea Castle motel has been demolished, and construction will start in the spring on a new resort property.
The Hyatt Siesta Key Beach resort at 1002 Seaside Drive will front 300 linear feet of Crescent Beach, named last spring among the nation's top 10 beaches, according to Larry Shulman, senior vice president for Hyatt Vacation Ownership, Inc., a wholly-owned subsidiary of the Global Hyatt Corp.
"We think this is an extraordinarily unique situation, fantastic beach, beautiful water, sunsets, and you're a stone's throw from the culture available in Sarasota," Shulman said.
The company expects interest from local buyers who might enjoy trading ownership rights for access to other Hyatt residence club resorts or hotels, Shulman said.
"We have every reason to believe through an early survey we've done (that) they'll be a very significant local contingent of owners more likely to purchase in summertime rather than wintertime," he said.
The resort will offer 44 furnished residences, 1,600-2,600 square feet, with privileges at an adjoining beach club. The units will cost from $200,000 to $750,000.
The Hyatt Siesta Key will offer some hotel-like amenities, like valet parking, full-time front desk, concierge, pool, fitness center, locker room and spa and massage treatment rooms.
Occupancy is planned for 2009.
The first phase of the project will include 11 units to be sold as "fractional ownership" residences.
Although sometimes mistakenly compared to a time-share, fractional owners are deeded partial ownership, in this case one-eighth of the unit, with shared-use privileges. It eliminates the expense and hassle of a wholly-owned vacation residence, developers said.
"Effectively, there'll be eight owners of each residence," explained Shulman of the resort. Hyatt has similar properties nationwide in places like Bonita Springs, Aspen, Beaver Creek and Breckenridge, Colo., and Lake Tahoe, Nev. Global Hyatt Corp. also is developing one at Fifth Avenue in New York City.
Sara Kennedy, Herald business reporter, can be reached at (941) 748-0411, ext. 4500
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