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Dubai: Cii Holdings on Monday announced a fractional ownership programme with Coral International, Cape Town, in Dubai, marking the Dubai-based Coral Hotels and Resorts' entry into the South African market.
Michel Noblet, managing director, Coral International Hotels, Resorts & Spas, said, "Vacation ownership is a major engine of growth for many of the world's biggest hotel groups. We are offering 30 of the 140 rooms as fractionals at Coral International, Cape Town. Out of these, 15 units have been sold out."
The 'fractionals' come with an exclusive ownership programme, providing exceptional services and amenities. Cii Holdings guarantees buyers minimum seven per cent return on investment after the first two years of operation for a minimum of three years.
Hamza Farooqui, CEO, Cii Holdings, said, "It's an attractive business proposition. You can use the room for guaranteed 30 days in a year, the rest of the time you can put it into the hotel's rental pool and share the proceeds."
The project is being developed and conceived by Cii Holdings. The prices for the units range from $610,000 to $750,000. Construction of the project commenced in mid-2007. The hotel will be ready in 2009.
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