Group RCI Signs Whiterocks Resort in Cyprus as First European Affiliate to its Rental and Exchange Program
October 17, 2008 // Franchising.com // Parsippany, N.J. And Hammersmith, Uk, Group RCI, a global leader in leisure real estate and one of the Wyndham Worldwide family of companies (NYSE: WYN), today announced that it signed its first European affiliate to its unique Rental and Exchange (R&E) Program – a pioneering product designed to give real estate developers and individual owners of second homes a source to help generate additional revenue streams. Blue C Developments with its Whiterocks resort in Cyprus, is the first European property developer to join Group RCI's R&E Program, giving it an advantage in the sale of its Mediterranean holiday homes.
Through the new R&E program, Group RCI, a long–time innovator in the leisure real estate industry, provides property developers an attractive option for facing the challenges of selling to a cautious consumer in today's unsettled economic climate. The program gives developers the ability to offer purchasers of wholly–owned real estate the opportunity to put their unused weeks into Group RCI's global rental program to generate potential rental income. Purchasers may also choose to deposit a number of weeks' usage rights in their properties into the RCI exchange program in return for the opportunity to select holidays from the company's network of more than 4,000 quality resorts worldwide.
To provide developers with an added tool to boost initial sales, the R&E Program enables affiliates, like Blue C Developments, to further attract purchasers by granting a points allocation which they can exchange through the RCI Points®, exchange program – even while they await completion of their own property.
Jonathan Back, managing director of Group RCI EMEAI, said: "We're delighted to welcome Whiterocks, the first luxury 5 star resort in Cyprus, as our first European affiliate to the Group RCI R&E Program. As architects, Blue C Developments has brought vision and creativity to the design of Whiterocks and we're proud to work with them."
Blue C Developments, a UK–based company, was formed three years ago by Integrated Developments Ltd, (IDL) a firm of architects whose clients include Champneys Health Resorts and The Royal Festival Hall in London. Blue C Developments was founded specifically by IDL's partners to develop Whiterocks — a complex of luxury 5–star apartments, penthouses and villas with expansive sea views in Bafra, on the east coast of Cyprus. This unique development will also include a marina, golf course and a boutique–style shopping mall.
Steve Carle, founder of Blue C Developments, said: "We're tremendously excited about affiliating with Group RCI and being able to offer our purchasers all the associated benefits of the R&E Program. In these financially challenging times, we believe this program is the right product at the right time. Our purchasers are investors and working with an established and reliable rental company helps them maximize their investment potential and greatly strengthens our sales proposition. Group RCI has nearly 35 years of experience in the holiday exchange business and over 40 years in rentals, along with an international rental distribution network supporting the Group's 30+ brands. The access our customers will enjoy through this program to thousands of resorts in great holiday destinations across the world is definitely the icing on the cake in terms of giving them the best value for their money."
About Group RCI
Group RCI, part of the Wyndham Worldwide family of companies, (NYSE: WYN) is the worldwide leader in vacation exchange and the European leader in vacation rentals, with exclusive access for specified periods to more than 67,000 vacation properties in approximately 100 countries. The company is comprised of vacation exchange, including RCI®, the worldwide leader in vacation exchange and provider of travel services to businesses and consumers and The Registry Collection®, the world's largest luxury exchange program; vacation rentals, including Endless Vacation RentalsSM , Landal GreenParks®, Novasol®, and more than 30 other vacation rental brands, through which vacationers can rent a variety of property types, from city apartments to villas; and NorthCourse®, Leisure Real Estate Solutions, an international leader in providing a full spectrum of advisory, research, and asset management services. Wyndham Worldwide Corporation is one of the world's largest hospitality companies with leading brands in lodging franchising, vacation ownership, vacation rentals and vacation exchange. For additional information visit www.grouprci.com or the media center of www.wyndhamworldwide.com.
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