RITZ EYES SOUTH BEACH FOR RESORT CLUB

Reprinted from The South Florida Business Journal, May 2, 2005

Ritz-Carlton is looking at bringing its resort club concept to Miami Beach as it tries to meet demand for homes at its golf club and spa in Jupiter.

The Jupiter property sold out all its multimillion-dollar single-family and estate home residences and has converted 10 fractional properties to whole ownership villas, said Dave Short, regional VP of sales and marketing for the Ritz Carlton Golf Club & Spa. The units, now under construction, will first be offered to club members before going on the open market.

"You are never as smart as your market," Short said with a laugh. "We had no idea there would be so much demand for whole-ownership properties."

There were 67 fractional ownership timeshare villas originally planned for the 285-acre golf club community. Available shares cost $237,000 to $328,000 and are good for 35 days of use per year. A golf membership is an extra $44,000.

"It's not that the fractional properties were selling poorly - they're not," Short said. "There is just unprecedented demand for more whole ownership, so we made the partial switch."

Prices range from $1.5 million for the two-bedroom, two-and-a-half bath model to $1.9 million for the four-bedroom, four-and-a-half bath villa. A golf membership costs $210,000 and a social and spa membership is $45,000.

He declined to specify the South Beach site, because approvals have not been granted.

Joel Greene, of Condo Hotel Center, thinks it could be the Seville Hotel at 29th Street & Collins Avenue in Miami Beach.

"I've heard they want to do a condominium/timeshare mix there, adding twin 20- or 21-story towers," he said. "I think it's in the approval process."

If the project receives approval, it will join three other Ritz-Carlton hotel properties in Miami-Dade County: South Beach, Key Biscayne and Coconut Grove.

"We are familiar with that property and have been in conversations with the developers, but we have no contractual or business commitment," Short said. "We are presently talking with a number of people and evaluating a number of locations."
Ritz-Carlton moved into the development of private club properties with real estate products five years ago.

Of the four private clubs being developed, three are already sold out: Batchelor Gulch near Vail, Colo.; Aspen Highlands in Aspen, Colo.; and a beachfront community in St. Thomas, U.S. Virgin Islands.

For more information on any of the above properties, please contact Condo Hotel Center at info@CondoHotelCenter.com or call 305-944-3090.