News for the Hospitality Executive
(January 25, 2012) – World's largest luxury exchange program
welcomes its first Croatian resort. iO Adria Limited today
announced the affiliation of its Dubrovnik Sun Gardens property to The
Registry Collection®, the world’s largest luxury exchange
programme, and part of the Wyndham Worldwide family of brands (NYSE:
Situated on the coast near to the village of Orašac, Dubrovnik Sun Gardens is 20 minutes from Old Town Dubrovnik and just 45 minutes from Dubrovnik International Airport. Boasting one of the most comprehensive spas in the Adriatic, The Spa by OCCO is recognised as a world leading spa, having just won the prestigious Spa Traveller Awards for ‘Best International New Spa’ beating some of the top names in the business. The resort has its own private beach, 13 bars and restaurants, three pools and an extensive sports club. The resort also offers some of the largest and most flexible meeting spaces in Dubrovnik and Croatia with capacity for up to 900 delegates and is quickly becoming a destination resort of choice for meeting and conference organisers across Europe and North America. The resort complex includes a 201-room contemporary Radisson Blu hotel.
The whole-ownership development, which has affiliated to The Registry Collection, comprises of 207 high-end one-, two- and three-bedroom residences offering both garden and breathtaking sea-views of the Adriatic, and the first 25 units have now been released for sale. The luxurious residences have been inspired by internationally-recognised interior designers Hirsch Bedner & Associates, and are equipped with modern appliances and generous indoor and outdoor living spaces. First release pricing ranges from €170,000 (£149,000) to €555,000 (£488,000). Mortgages of up to 60 per cent LTV are available with Erste Bank on a 15-year term at a fixed 6.6 per cent interest rate which, coupled with peak season occupancy rates of 95 per cent and rental returns of 4 per cent, are likely to make purchases as popular with investors as those dreaming of a holiday home in the sun.
Now in its third season of operation, Dubrovnik Sun Gardens is quickly becoming recognised as one of Croatia’s premier resorts and has just completed its most successful season of operation, outperforming the Dubrovnik five-star market. As such, the resort was recently recognised by Overseas Property Professional Magazine as Best Developer in Southern Europe. Winners were selected by an independent panel of 50 industry leaders from around the world. On Dubrovnik Sun Gardens, the judges collectively commented, “Nobody could argue with the careful planning and total commitment of the developer team involved in Dubrovnik Sun Gardens. This really is a well-presented, high-quality operation – a true flagship development for Croatia. It deserves to do well, and the team behind the scheme clearly knows exactly what it needs to do to get there. This is a wonderful case study in how to refresh a large-scale development with verve and quality.”
This is the first phase of a planned three-phase development which will see the addition of another five-star 130 key hotel and a further 200 Residential keys. Owners will be able to enjoy the benefits of affiliation to The Registry Collection, giving them the opportunity to stay at a choice of more than 180 luxury properties around the world.
“It was an easy decision to work with The Registry Collection,” said Julian Houchin, Commercial Director for iO Adria Limited. “One of the most common objections to the purchase of ‘seasonal’ resort real estate is that potential buyers can sometimes have challenges justifying the significant amount of capital for a purchase they use for only a few weeks a year.
“We see this more and more in today’s economic climate and know from first hand experience, potential buyers considering investing at Dubrovnik Sun Gardens have asked members of our sales team whether or not they can exchange their asset during the year. We selected The Registry Collection for this very reason, as we strongly believe that investors today are interested in leveraging their asset to get more out of their investment. Given the quality and diverse nature of Dubrovnik Sun Gardens and the luxury asset portfolio that is The Registry Collection, we believe that this partnership is a key strategic decision and one that will assist us in our sales efforts.”
Matt Holmes, acting head of business development for The Registry Collection in Europe, said: “We are very pleased to welcome Dubrovnik Sun Gardens into The Registry Collection network. It is a majestic resort in a wonderful location and will be a tremendous addition to our collection of the very best vacation destinations.
“The resort’s fantastic location in an increasingly popular destination – which will get more popular when Croatia joins the EU in July 2013 – and excellent on-site amenities are sure to be a big hit with our members."
About iO Adria Limited
Dubrovnik Sun Gardens is owned by iO Adria Limited. The company, formerly Jupiter Adria Limited, was originally set up in 2005 as an investment fund under Jupiter Fund Management plc, a London-listed fund manager. Following the separation from Jupiter Fund Management plc in 2011, the company was renamed and branded iO Adria Limited. iO Adria has been investing in Croatian resort real estate since 2006, with the sole vision of creating the finest collection of resort properties in Croatia which offer an authentic Adriatic experience coupled with the highest levels of service. iO Adria is actively engaged in the management of all of its investments from inception through to operation, and has assembled a renowned executive team with experience in the design and management of leading five-star luxury hotels and resorts across the world.
About The Registry Collection
The Registry Collection is the world’s largest luxury exchange program comprising over 33,000 members and more than 160 affiliates on six continents. More than 180 properties are available through The Registry Collection® program and are either accessible for exchange or under development. From condo hotels and high-end fractional resorts to private residence clubs and fractional yachts, The Registry Collection provides members with access to an elite network of the finest vacation properties at some of the world’s premier destinations, as well as personal concierge services that are available 24 hours a day. The Registry Collection is offered by RCI, the worldwide leader in vacation exchange and part of the Wyndham Worldwide family of brands (NYSE: WYN). For additional information visit our media center or theregistrycollection.com.
RCI Media contact:
Dubrovnik Sun Gardens contact:
+385 99 234 3848
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