A company which is based in Colorado have finalized a deal to purchase a seaside property in Kiawah Island for 11 million dollars in February this year. After long consideration the US based developer “Timber Resorts” has decided to go ahead with plans to build a luxury Timeshare Resort on the site as they feel this will be a better investment than other ideas they have considered.
Plans for the 3.5-acre plot include 21 units based over three buildings in the West Beach area. They aim and hope to have resort which will be named “Kiawah Ocean Club & Residences” open by the middle of 2018.
For those who have not heard of this destination Kiawah Island is located on the Atlantic coast of the USA, around 25 miles from South Carolina with a population of less than 2000. Currently most tourists chose to holiday here to visit the gated beaches and the Kiawah Golf Resort which is known for its large golf courses, spacious villas and beautiful beaches.
Currently the Kiawah Island does not have a multifamily designed private holiday club so this will be the first in the established location. David Burden who is the CEO of Timber Resorts had been interested in this Island for several years as he believes that it has the best beach on the East Coast and thinks the shops, bars and restaurants make it an even greater attraction.
The Colorado based company “Timbers” are party owned by an LA investment company “Oaktree Capital Partners” and have also sealed an investment in early February from an affiliate of Kiawah Partner for 10.9 million dollars which now gives them 50 million dollars in financing for the project. Timbers have previously built and runs other luxury resorts, hotels and residence clubs in 15 “high-end destinations” according to their web page doing their own development and sales.
Plans for the luxury resort include valet service, fully equipped gym, a bar and grill, seafront pool and an exclusive beach club which will stay private for members. They aim to market the resort to high-income US buyers who are wanting a holiday home close to the beach with golfing and tennis facilities.
As of yet the Kiawah Ocean Club & Residences have not released exactly how much they will be pricing their units up for but the buy-in cost which will provide owners with a set amount of annual weeks to stay at the resort is expected to start at around $500,000.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk