FINANCE Real Estate

PuertoAzul, be owners of the first eight-star resort

Become owners of the first eight-star resort in the word? With PuertoAzul, and his new formula of time-sharing, now it's possible. Here, all the details of this contract that is different from the Italian multiproprietà

Become owners of the first eight-star resort in the word? With PuertoAzul it isn't a dream. It's reality. Born from the idea of Domenico Giannini, PuertoAzul complex is an exclusive project located in the Northern Caye and Sandbore Caye islands in the Lighthouse Atoll, 43 miles from Belize City. It is a true oasis of beauty, relaxation and pleasure, immersed in a 8 star exclusivity of nature and services. And now, everyone interested can own a share of this “citadel of luxury” through the new “time-sharing” formula: an innovative offer that should not be confused with the traditional Italian formula usually called as multiproprietà (timeshare).

But what is and how is regulated a time-sharing contract?
“The time-sharing it's a private contract between the company that owns the hotel and the user of the sojourn and it is governed by Swiss law - Giannini answered - The contract is very clear and transparent as it doesn't contain any particular clauses or 'hidden surprises'. Everyone is able to understand the content of the contract. There is no need to have special advisers”.
At a regulatory level, there aren't legal differences between an Italian, Swiss or another European customer who signs the time-sharing agreement? "It doesn't matter the nationality: it's like a customer who purchases a sojourn in a hotel to spend the holidays, but in this case he only pays one initial instalment for a vacation for the rest of the life”, Giannini added.

Period of validity and beneficiaries

The contract has all life long. More, the contract can be transferred to the beneficiaries, as long as they are also members of the Club.
The sojourn is extended not only to the user, but also to his first-degree relatives. The sojourn, however, can't be given to friends or relatives from second degree. These people may come and stay in PuertoAzul only if accompanied by the user or by one of the first-degree relatives which have to be, in any case, member of the club.

Differences with the Italian “multiproprietà”
“Our time sharing offer consists in the enjoyment of a period of living without additional costs, instead the traditional Italian formula usually called as multiproprietà (timeshare) is full of costs such as maintenance expenses, shared expenses and taxes”, Giannini said.
But there are other differences: thanks to this contract, the customers buy a package of 7, 14 or 21 days, which can be spent at their own best convenience (they have only to inform PuertoAzul at least 90 days before the choosen date). “However, in the event that customers could not go on vacation, we recognize to the users a daily allowance for each day of vacation not enjoyed”, Giannini explained.

So, could this time-sharing offer, be seen as an alternative form of investment?

"However, although it could be seen also from this point of view, I don't think that the users buy our time sharing offer as an alternative investment – Giannini answered - Our average customers are people who are used to travel and spend at least 20 / 25,000 euro per year for a holiday. So, making a contract with us and buying our time-sharing offer, our customer can amortize in a few years the cost to have a free vacation for life”.
More, there is another important difference with the traditional multishare (multiproprietà) which emerge only when the owner decides to sell it.
“After 3 years, the user will be able to sell his share of time-sharing but only to our company. This is because we don't want to create speculation, as PuertoAzul will be the first 8 stars resort in the world and therefore we expect to see a very interesting increase in value”, Giannini explained.

Selection of customers
But it isn't so easy to buy this particular time-sharing offer, given that members are selected for entering in Puerto Azul Vacation Club. “Our resort will be the first eight stars resort in the world; so, as you can imagine, we have top level customers which are selected - answered the creator of this great project - The company that sells this form of time-sharing implements its further due diligence on the client. Only after this control, the contract of time-sharing will be signed”.

In the case of sale
“Just what I was saying before, we don't want the user sell the time-sharing, making speculation, to people that we don't know and that didn't go under a due diligence process. We prefer to ensure, with an option of redemption (repurchase) in the contract of sale, an annual revaluation and to be the only buyers - Giannini said - In this way, we take possession of that part of time-sharing and we can decide, in the future, if to sell it again or to trasform it as part of the hotel offer”.