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Hotel Guests Rent--and Help Finance--New St. Maarten Resort Residences
Published: January 21, 2008
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By Erin Brereton, Content Manager
St. Maarten--At the new Westin St. Maarten Dawn Beach Residences in St. Maarten, the adjacent Westin resort will offer condo owners a hotel guest experience--and guests will provide funding to offset owners' mortgage costs.
Ninety-nine condominiums are planned for the Dutch side of the Caribbean island. The units will be part of Westin's five-year leaseback program, in which owners provide a 25 percent downpayment, and Westin secures financing for the remaining portion of the condo purchase price.
The resort then rents the units to hotel guests, generating income to contribute to the owners' monthly mortgage payments.
The 1,654-square-foot condos have three bedrooms and range from $650,000 to $1.5 million. Nightly rates for the units range from $550 to $1,600, depending on the season. Owners can use their unit for 14 days in-season and 14 days off-season.
"This incentive purchase program is unique because its value goes beyond your average vacation home purchase," says Westin Regional General Manager Dan Szydlowski. "Future owners get to buy at an affordable ownership price point, stay in a Westin-branded condominium and take advantage of the resort amenities--and when it's not in use, [they can] lease their condo back to the resort, who will essentially rent it out and generate money for the owner. It is a win-win situation for all."
The condos' European-styled design combines warm teak finishes with natural lighting. Artwork from local artists is on display. All homes feature balconies, French doors, large bathrooms and Westin's signature Heavenly Bed--consisting of a premium mattress set, down blanket, comforter, duvet, three sheets ranging in thread count from 180 to 250 and five pillows.
Condo owners will have full access to the Westin St. Maarten Dawn Beach Resort & Spa's services and amenities--including five casual and elegant restaurants, a fitness center, European-style spa, infinity pool and 24-hour valet service.
Residents also will be able to play golf at Mullet Bay, the island's only course. Mullet Bay was built in the 1970s and offers views of St. Maarten's Simpson Bay lagoon.
The Westin residences' first phase of construction--which includes a building with 24 fully furnished oceanfront units--is scheduled for completion this winter. The remaining 75 residences are still under construction.
The 317-room Westin St. Maarten Dawn Beach Resort & Spa is one of the largest luxury resorts in the Netherlands-governed province. The resort includes 140 oceanfront, 39 oceanview and 138 resort or islandview guest rooms.
