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Turnberry Associates and the Residences at Atlantis

Question

I'm considering investing in a condo hotel unit at a development by Turnberry Associates. What can you tell me about this organization and its reputation?

Joel's Response


Turnberry Associates is the largest high-rise developer on the East coast and within a year, will be the largest on the West Coast too. They have over $6 billion of projects under construction or development at this time, some of which include luxury condo hotels such as The Residences at Atlantis in the Bahamas. They have completed every major project they have started on time and have an unrivaled reputation for total customer satisfaction. Turnberry Associates has been in business over 45 years, constructed over 5,000 residences, over 1.5 million square feet of retail space and 355,000 square feet of high-end office space.

To their credit, they also have the MGM-Mirage (public company) and The Kerzner International / Atlantis Resorts (public company) as their partners.

They have just purchased the largest landmark hotel in Miami Beach, the world renown Fontainebleau Hilton, for $300,000,000 and plan a $400,000,000 renovation as they convert it into a Las Vegas style mega resort. The resort will include the Fontainbleau II condo hotel and the Fontainebleau III Ocean Club condo hotel. They are also building the MGM Grand Residences, a multi-tower condo hotel development on the Las Vegas Strip. Condo hotel units are available at pre-construction pricing in the MGM Grand Residences, Tower C.

However, their greatest accomplishment to date will likely be a development that has just come on the market at pre-construction pricing. The Residences at Atlantis will be a $200 million, five-star condo hotel built on the grounds of the Atlantis Resort in Paradise Island, the Bahamas. Only 505 condo hotel units are available, and they are selling with unprecedented speed.

For more information on The Residences at Atlantis, be sure to see the following detailed writeups: Featured Property Listing, The Residences at Atlantis Property Alert on The Residences at Atlantis Follow-up Property Alert on The Residences at Atlantis

* The above question was submitted via e-mail by a visitor to www.CondoHotelCenter.com. The answer was prepared by Joel Greene, a licensed real estate broker with Condo Hotel Center which specializes in the sale of condo hotel units and fractional ownerships in private residence clubs.

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