Hyatt has announced their newest Residence Club property will be the Hyatt Siesta Key Beach in Sarasota, Florida. The property is being offered as a 1/8th share and pricing starts around $200,000. (Hyatt is also building the Northstar Lodge Residence Club in Lake Tahoe, CA.) The Tampa Bay Business Journal recently published an article on the Siesta Key property:
Friday, February 8, 2008
Hyatt sees Sarasota as a ripe market for ‘fractional’ concept
Proximity to beach, culture attracts the hotel company
Tampa Bay Business Journal – by Larry Halstead Staff Writer
SARASOTA — It took some cajoling with Wall Street and a partnership with Global Hyatt Hotel Corp., but Brent Virkus found the financing he needed for his fractional real estate development on Siesta Key.
Now the former Sea Castle Motel is gone and in its place will be a four-story, 44-unit condominium geared for the upscale buyer looking for a second home.
“We had to think outside of the box with the real estate market being what it is today,” he said.
Virkus is president and founder of Triton Cos., a development company founded in Michigan but headquartered now in Sarasota. It developed One Palm, a mixed-use project downtown.
Now he’s partnering with Hyatt Vacation Ownership Inc. to develop the condo units. The project will become part of Hyatt’s Residence Club, which allows its owners to exchange time in their own condo for time at any Hyatt resort in the world. Read the rest of the article here.