Vacation apartments by the sea
One sector that has been steadily developing in Israel in recent years is that of vacation apartments. One of the most prominent projects of this sort is the Izhaki Group’s Harrods Herzliya, which opened in March 2015. This hotel features 252 impressive rooms and furnished suites designed by Ilan Pivko and Roni Zees, some of which are accessible by yacht.
Harrods’ suites are located on a manmade island that is a few meters off the Herzliya marina, near the Arena Mall and a wide selection of restaurants and bars. The suites are timeshares, with the purchaser entitled to use his or her suite six months per year. During the other six months, Harrods rents out and manages the suites. Apartment owners and hotel guests enjoy the services of the on-premises gourmet restaurant, fully equipped health club, business center, swimming pool, spa and a Gymboree for the children.
Currently, more than half of the suites have been sold for prices starting at 1.9 million shekels (most of the apartments are priced at approximately 2.5 million shekels).
Nearby is the Ritz Carlton, also located in Herzliya’s municipal marina. The complex includes 115 hotel rooms and 82 vacation apartments. The apartments begin from the seventh floor and above.
Sun Hotel Bat Yam is a luxury resort spread out over 26 hectares. It includes two 25-story towers and a third 42-story tower offering a total of 652 vacation apartments, as well as a large shopping center with thousands of square meters of floor space, a convention center, and a sports and spa center that will serve residents and guests. The complex, currently under construction, will be managed by an hotelier with all the amenities of a five-star hotel.
Vacation timeshares are part of an industry with growing popularity in the United States and Europe. According to Einat Zachariah, CEO of Promised Land, which is marketing the Sun Hotel Bat Yam project, “Vacation units are generally apartments which are several dozen square meters in size and are registered in the property register on the purchasers’ names. According to Israeli laws, the purchasers are entitled to reside in these apartments for up to 90 days each year. During the remaining months of the year, the hotelier managing the complex offers the unit for rent. Each year, the units’ owners receive a percentage of the hotel’s profits based on the size of their individual unit. Worldwide, this is considered a very luxurious kind of resort and is managed by hoteliers of the highest caliber at the highest standards.”
Zachariah adds that most purchasers of these timeshares are, “Foreign residents who already have one apartment in Israel and are interested in a vacation apartment to which they can return each year, whether for the holidays or during the summer. Israelis who purchase vacation apartments are generally investors who are interested in owning a stake in a prestigious resort where they can vacation regularly and know that they can depend on a high standard of service each time that they visit. In addition, they have a property that is constantly appreciating in value and is rented out during the remaining months of the year.”
In Ashdod, Peri Real Estate, a division of the Eldad Peri Group, is building the Peri Resort on the City’s shoreline. The project is situated on an area of about 4.5 square kilometers. Plans call for an 8-story building to be erected on the site, with up to 190 luxurious suites, each with its own view of the sea. Buyers will be entitled to use their apartments for up to three months each year. During the remaining months of the year, the apartment will be part of a hotel whose profits will be shared with its owner. Peri Real Estate notes that the plans have already received final municipal approval, and is currently in the preparatory stages of marketing.
Combining hotels and apartments
Another growing trend in Israel and worldwide is that of complexes serving as both hotels and residential apartment buildings at the same time.
The combination of hotel rooms with luxury apartments ensures maximal property values as well as the hotel’s enduring financial stability. The synergy between residential units and hostelry creates a real estate aggregate whose stability and value are apt to be higher than projects without this blend. The reciprocal relationship between these two kinds of properties when combined strengthens a project’s exclusive image and broadens its potential customer base.
The added benefits offered by such complexes are clear. 365 days a year and 24 hours a day, residents of these buildings enjoy services and facilities that are usually reserved for hotel guests.
Dizengoff Trading’s Lagoon Complex offers two luxury residential towers of 34 and 37 stories that include 320 apartments alongside the 15,000 sq.m. West Lagoon luxury hotel, with its 300 rooms. The complex’s expansive apartments have huge balconies offering a view of the sea, a private pool in each building, a huge lobby with a lofty atrium, a lobby bar facing on the garden, a fully equipped health club and spa, 24-hour security, an underground garage, private storage rooms, and the absolute proximity to the sea.
“We have created an array of services that combines the advantages of having one’s own residence while enjoying all of the facilities that only a hotel can offer. On the one hand, we seek to protect the residents’ privacy, while on the other we invite them to benefit from the services offered by the hotel,” says Hanan Segal, Deputy CEO at Dizengoff Trading. “The idea was taken from similar complexes along the beach in Miami that combine residential properties and hostelry in one building.”
Another project based on the same principles is the Waldorf Astoria Jerusalem luxury hotel, which opened approximately two years ago. The hotel is comprised of two wings, a 226-room hotel and a nine-story apartment complex with 30 luxury apartments, each with an approximate area of 240 sq.m..
Want to enjoy 'Zen' reading - with no ads and just the article? Subscribe todaySubscribe now