# Hyatt 'private residence club' to be built on Siesta Key,Florida



## Carmel85 (Jun 19, 2007)

Hyatt 'private residence club' to be built on Siesta Key
Sea Castle is to be razed for a Hyatt Residence Beach Club at Siesta Key,FL 

SARASOTA -- Michigan-based developer Triton Cos. has lined up Hyatt Hotels Corp. to operate a planned $100 million "private residence club" that will be built next year at the site of the Sea Castle resort on Siesta Key.

Triton's decision to pursue a so-called fractional ownership project comes amid a continued slowdown in condominium sales for units with multimillion-dollar prices.

In fractional projects -- unlike the more traditional time shares they are often compared with -- multiple owners hold title to slices of real estate and units. They also typically pay fees for maintenance and services.

"The reason we went the fractional route is obvious," said Brent Virkus, Triton's president. "Baby boomers buying second homes aren't going to plunk down $2 million or $3 million and spend only six weeks a year there. It doesn't make sense."

"Fractional ownership becomes much more of a usage decision, not a real estate decision," Virkus added.

In the case of the Hyatt Residence Beach Club at Siesta Key, Triton intends to demolish the existing 50 Sea Castle rental units and develop 45 high-end residences.

Virkus said Triton and equity partner The Carlyle Group, a firm with $58 billion in assets, hope to start construction early next year.

The six-story club would debut sometime in 2009.

Each unit will likely be 2,000 square feet and be attended by a full-time staff and concierge, Virkus said.

Coldwell Banker is being tapped to handle sales, which will likely occur to buyers interested in four- to eight-week blocks.

But a Hyatt Residence fractional ownership -- while less than the amount required to own Siesta Key beachfront property -- will not be inexpensive.

Each buyer will likely pay $250,000 for access to a unit four weeks a year, plus substantial fees.

And while fractional ownership is popular in swanky Western ski towns such as Aspen and Vail and is catching on with both developers and investors, it is largely an untried concept in Florida.

If completed, Triton's Hyatt Residence would become the first ground-up, fractional development in Southwest Florida, though Hyatt is managing a similar type of project in Bonita Springs.
*
Hyatt declined to comment on the development.*  

"There's a need and a demand for it," Larry Starr, president of ResortQuest Southwest Florida, which owns or manages some 3,000 condo and rental units locally, said of the fractional concept.

"With the price of real estate today in Southwest Florida, fractional ownership may be the way to go," Starr added.

"The success long-term, in my opinion, will be how well the units are maintained. But I think fractionals are a good idea -- possibly the next bright spot in the real estate condo market. The projects that will be successful will be the ones where the numbers are right going in."

The Hyatt Residence is Triton's second major local development. It is also planning to build One Palm, a $100 million, 99-unit condo tower slated to be built next to the M&I Bank Building downtown.


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## Steamboat Bill (Jun 19, 2007)

Althought this is really expensive, $62,500 per week ($250k / 4) is still CHEAPER than buying a Marriott Marco timeshare.


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## Carmel85 (Jun 19, 2007)

Very true much cheaper.  Looks like Hyatt is really starting to get involved with many new and exciting resorts nation wide.


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## Carmel85 (Jun 19, 2007)

Steamboat Bill said:


> Althought this is really expensive, $62,500 per week ($250k / 4) is still CHEAPER than buying a Marriott Marco timeshare.



Here is a copy of the old Sea Castle website.  Beach looks great to me and 50 acres of prime beach front property you cant go wrong .

I even tried calling the old resort Sea Castle  NO phone answer!!

http://www.sea-castle.com/


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## Pit (Jun 19, 2007)

Will this be part of HVC?


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## dvc_john (Jun 19, 2007)

Is the new development on Clearwater Beach the same sort of thing?
I'm not sure if it's going to be hotel, fractional ownership, or HVC, or some combination.


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## pwrshift (Jun 19, 2007)

Sure sounds like a TS to me!

Brian



Carmel85 said:


> ...In fractional projects -- unlike the more traditional time shares they are often compared with -- multiple owners hold title to slices of real estate and units. They also typically pay fees for maintenance and services.
> 
> .


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## Pit (Jun 19, 2007)

pwrshift said:


> Sure sounds like a TS to me!
> 
> Brian



Yep, the only difference is the size of the slice (and m/fs).


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## Floridaski (Jun 20, 2007)

*Is this part of HVC*

Will other Hyatt Vacation Club members have an option at inventory at the 6 month mark like the other Hyatt properties.  The property in Aspen sells "blocks" of weeks and those are available in inventory at 6 months out.  If so, it will be nice to have another great Hyatt property on the West coast of Florida!


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## Carmel85 (Jun 20, 2007)

Floridaski said:


> Will other Hyatt Vacation Club members have an option at inventory at the 6 month mark like the other Hyatt properties.  The property in Aspen sells "blocks" of weeks and those are available in inventory at 6 months out.  If so, it will be nice to have another great Hyatt property on the West coast of Florida!



Not sure and Hyatt's not talking!!!! I think so!! I cant wait till more Hyatt's come on line in the next 5 years!


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