Elton John must be feeling the pinch of the credit crunch along with the rest of the UK after accepting an offer from Pearl Dubai to play a private concert for a group of more than 150 investors flown to Paris for the unveiling of another new development in Dubai - the Baccarat Hotel and Residences.

Abdul Majeed Al Fahim, Chairman of Pearl Dubai FZ LLC, said: “Our initiative of the trip was to acquaint our investors with the signature Baccarat brand, including a visit to the magnificent Maison Baccarat, bringing them one step closer to being part of their upcoming Dubai Pearl experience. ”
To be developed in association with the US-based Starwood Capital Group, the Baccarat Hotel and Residences at Dubai Pearl will be located in the signature 73 storey, four tower heart of the project, will be more than 800,000 sqft with 340 rooms. The $270 million Baccarat Residences will feature elegantly designed apartments and clients will have the option to design their own interiors if they so desire.

Al Fahim added: “Since 1764, Baccarat has built a reputation of providing elegant luxury products offering unparalleled beauty and flawless brilliance. The Baccarat Hotel and Residences will therefore front a new destination not only in Dubai, but in the Middle East as well.”

A downloadable PDF file of the Baccarat Hotel and Residences is available here.

Aakar Marjan Island in Ras Al Khaima is going green - according to a recent announcement by Aakar’s CEO and President Yadvinder Singh. The latest international green design and construction guidelines will be implemented in a $162 million luxury hotel and residential project.

“The initiative involves the implementation of the appropriate latest international design & construction guidelines such as Leed NC, Ashrae 90.1 and Ashrae 55,” Singh said, adding that measures would be taken to conserve energy and water resources during the designing of the project.

According to recent studies, compliance with “Green building codes” can increase the performance of structures by more than 30 per cent,, prompting some developers to recognize the role of the physical environment on occupant productivity and life-cycle cost of buildings. In line with this, Aakar said it would be implementing a sustainable design approach.

The developer is taking steps to transform the conventional methods being used at present by the real estate industry into a more sustainable form. The luxury development will offer a five-star hotel and a large assortment of freehold apartments. More on Luxury development in Ras Al Khaima goes green

Harborview Place recently announced the opening of its first two residences, offering a new option for travelers looking to own a share of previously unattainable luxury in highly-desirable Nantucket. These are apparently the first fractional-ownership properties in the area.

With eight more planned waterfront vacation homes, Harborview Place represents a rare combination of serene views and access to the heart of town. Harborview Place offers Nantucket vacationers a unique opportunity to own valuable, waterfront property while being treated like pampered guests. Harborview owners have a professional staff at their disposal for completely personalized, five-star service, along with a real estate purchase that is free from the usual financial and maintenance burdens of traditional ownership. Club amenities will include a private owners’ lounge, beach services and activities, access to boats, and airport and ferry transfers, to name a few.

Harborview’s Equity Residence Club(sm) structure provides fractional ownership within which owners will have a deeded share of their residence with ample and flexible availability. Some owners may choose to purchase a “bundled fractional” which provides ownership and exclusive use of a home with the ability to sell some or all of the fractions at a future date. Mitch Willey, founder and CEO, Time and Place Homes and a partner in Harborview Place, explains further, “Anyone who has considered buying a second home on Nantucket can now do so for far less money with the added luxury of personalized concierge service. I can easily envision a group of friends or families purchasing a residence club ownership to vacation together with the comfort of knowing and trusting their real estate partners.”

Beyond its appealing services and flexible ownership options, Harborview Place represents the best in progressive real estate development. Offering the highly sought-after combination of waterfront property that is just steps to town, the project is contributing to the revitalization of a previously over-looked area with ten unique residences. Created by one of Nantucket’s leading architects, Harborview’s sophisticated design includes a variety of green elements such as: formaldehyde-free cabinetry, eco-friendly paint and flooring, extensive use of recycled materials, and energy efficient appliances. With a nod to the pedigree of the locale, a painstaking effort is underway to retain as much as possible of the historic elements of the project. Architectural firm workshop/apd designed these chic second homes to blend modern sensibilities with the classic cottage architecture of Nantucket.

For more details about Harborview Place’s prime location, residence layouts and all-inclusive amenities, please visit harborviewnantucket.com

Harborview are also looking for brokers to represent them and there is an application form on their website. Not a decent video in sight though

Construction of the Tamarack Ski and Golf resort in Donnelly, Idaho is at a standstill despite the best efforts of the owners to find suitable investors

Tamarack hit the headlines in 2003 when it became one of the few new ski resorts to be approved in Western USA in over 20 years. Buyers committed more than $500 million for condos, houses and building sites. Luxury homes brought an in flux of cash of and a scramble started to buy land with rents tripling over a matter of months. The luxury-resort boom brought short-lived windfalls to towns throughout the Rockies, as developers planned resorts with secluded homes and memberships to golf and ski clubs. Credit Suisse Group Bank syndicated nearly $1 billion in loans to luxury developments in the West.

Then, last winter, building all but stopped in Tamarack. The Ski lifts continued to run but motel occupancy plummeted and the May 2008 unemployment rate was 6.1% in Valley County, nearly double the year-earlier rate. Idaho’s May statewide unemployment was an estimated 3.6%. According to The Wall Street Journal, “This place just quit,” says Gordon Cruickshank, a Valley County commissioner.

A Tamarack lender recounted in recent court filings, the resort had a business model in which “operating expenses would exceed revenue and the primary source of profit would be generated by the sale of real estate.” When the bust came, Donnelly was hit hard. It didn’t have much of an economic base before Tamarack. Mexican developer Alfredo Miguel Afif began planning Tamarack in the late 1990s. He brought in Jean-Pierre Boespflug, a former executive at Cisco Systems Inc., as chief executive. Mr. Boespflug helped persuade Idaho’s governor to support Tamarack’s development plan, which got final approval in 2003.

Tennis stars Andre Agassi and Steffi Graf agreed to develop a Fairmont Hotel as part of the resort. Mr. Boespflug personally wooed prospective buyers, leading hiking tours. Construction attracted workers who spent at hotels, restaurants and bars. Idaho Gov. C.L. “Butch” Otter last year declared April 27 “Alfredo Miguel Afif Day.”

Things abruptly changed in June 2007, Mr. Boespflug says, when he traveled to the East Coast to meet with another investor in Tamarack’s planned Fairmont Hotel. Buyers had just committed more than $100 million for an initial offering of Fairmont condos, so “we were hoping to be greeted by big cheers and a check,” he says. Instead, the investor, who had already put up money for the hotel, said, “‘We don’t have the money,’” Mr. Boespflug says.
The investor confirmed his group has decided not to put up any more money for the hotel, but couldn’t comment in detail because of legal proceedings.

Lack of funding forced the resort to slow construction on the base village and hotel in late 2007 and in danger of missing a payment to Credit Suisse, Mr. Boespflug arranged a $118 million credit line with French bank Société Générale. February this year, the bank withdrew the line “due to market conditions,” says Société Générale spokesman Jim Galvin.

Tamarack went into default on its Credit Suisse payments the same month and business entities owned by Messrs. Boespflug and Miguel, which hold a majority ownership stake in Tamarack, filed for Chapter 11 bankruptcy. Credit Suisse followed with a foreclosure suit, seeking to take over Tamarack’s majority-ownership stake, according to state and federal court filings.

Almost immediately, ex-vice president, Rory Veal sued the resort to recover severance pay and unpaid commissions he claimed were still owed.

Credit Suisse has filed a second lawsuit for unspecified damages aimed at Boespflug and Afif for breaching a written agreement included as requirement for the $250 million loan.

In all, Tamarack Resort owes more than $300 million to lenders and international banks, including about $262 million to Credit Suisse.

At the time of the lawsuit Boespflug said that the move was anticipated and will give the resort time to “either refinance, add a partner with additional financing or sell the resort to a suitable buyer capable of managing the asset with the continued interest of the community in mind.”

It would seem they are still looking as construction grinds to a complete halt this summer. – The base village is still unfinished; the area slated for a Thai restaurant is roofless and the ski shop and pub are in plastic tents. Home sales have all-but dried up says Judy Land, a local real-estate agent. In 2006, 1,250-square-foot Tamarack cottages sold for more than $900,000 - Ms. Land says she recently sold one for $650,000.

One mans disaster is another mans bargain

A Bahrain based Islamic investment bank, Venture Capital Bank (VC Bank), has incorporated a new company – The World Development Company Limited - for the purpose of developing a luxury resort on Nakheel’s exclusive project, The World.

VC Bank will invest in and develop the island located in the “northern Asia” area of the archipelago of 300 islands after being selected as one of the exclusive group of investors invited to invest in the development.

Mr. Abdul Latif Al Janahi, CEO of VC Bank said: “It is an honor to be amongst the elite investors chosen to invest in Nakheel’s one of a kind project. We are pleased to be one of a select few financial institutions to invest in The World project; this will be a remarkable step for us.”

The Director of The World, Mr. Hamza Mustafa said, “We are proud to have VC Bank invest in The World. We invite only the very best investors to develop the islands within our project to ensure that The World will be the ultimate luxury tourism destination when complete. This marks another successful investment in our project.”

How successful remains to be seen of course. Competition for tourists will be fierce. Jean Van Geysel in particular is developing a “boutique,” hotel of his own.

VC Bank is the first Islamic investment bank in the GCC and MENA region to specialize in venture capital investment opportunities. Real estate investment is one of four areas of unique investment opportunities across a number of promising asset classes designed to drive business growth in portfolio investment, and provide risk adjusted returns on investments.

The value of the planned luxury resort is estimated at 1.5 billion dh, which sounds like an awful lot, but is actually just over $400 million. Completion is planned for the end of 2010 – only 18 months away. The 90,000 m2 island is located at the “northern” end of the “Asian” area of The World overlooking the Arabian Gulf. Over 100 villas are planned for the resort 3 or 4 bedroom “Sunset Beach villas,” 2 bedroom Canal View and Garden View villas, and “Lagoon Homes” and “Water Homes” that consist of suites and studios.

The Lagoon Homes and Sunset Beach villas are right on the beach with vistas which will presumably include either the lagoon or the sunset. “Canal View” units have their own exclusive yacht dock, and once again, I am going with a view of the canal.

And finally, the Spa units will have open sea views. The island will enjoy two beaches one facing east and the other west. The dock will be spacious enough to fit 25 yachts. The Island will also offer a luxurious spa, two exclusive restaurants and a sunset lounge. The resort will be operated by a world renowned boutique hotel operator.

Nakheel invites a select group of investors to invest in The World each year. Reclamation on the islands was completed in January this year and according to Nakheel, despite very few announcements of developments, demand for the islands remains high. More on Private Islands.