Spain's Polaris World Offers Huge Discounts

» Featured Columnists | By Scott Kauffman | June 24, 2011 11:36 AM ET

(MURCIA, SPAIN) -- As the Spanish property market faltered, the bigger you were the harder you fell and heavyweight developers such as Polaris World found themselves in serious financial difficulties. However its main creditors, a consortium of four banking entities, have supported the golf-driven resorts and are now focusing on clearing the inventory of unsold property. Good news for buyers as you can now get the key to a two-bedroom apartment at Condado de Alhama for a cost price of $122,425 - a 58% discount.

"Polaris World is one of the few major Spanish developers to have survived the credit crisis and is now offering, for a limited period, what I consider to be the best deal of 2011," said Chris Mercer, Director of Murcia-based estate agents Mercers. "Buy now and get up to 58% off previous prices with 90% mortgages available at interest-only for the first two years. If you can afford $350 a month, you can afford your own home on a five-star resort."

Mercer went on to add:  "This deal would be remarkable on any development, but when you learn it is on a Polaris World site within ten minutes of the beach, five minutes of a Paramount-endorsed Theme Park, 20 minutes of the new international airport at Corvera and with completed infrastructure to include an up-and-running Signature Jack Nicklaus golf course - it gains even more credibility. What's more, homes are ready to move in to, so buyers can enjoy the sunshine and the golf from day one. This is an unbelievable opportunity to buy into one of the area's top developments at the bottom of the market."

With seven resorts ranging between 55 hectares and 900 hectares, all in the Spanish region of Murcia, Polaris World has certainly been ambitious in its vision. At the heart of the concept lies the Jack Nicklaus Golf Trail.

The master plan includes a total of nine Nicklaus-designed golf courses within a 25-kilometer radius making it the best golf offer in Europe. So far five courses have been developed since 2005 and three of those now fall under the management and maintenance of Olagolf Group founded by top golfer José María Olázabal.  Brand new Alhama Signature Golf at the largest Polaris World estate - 900 hectare Condado de Alhama - forms part of this trio.

With 3,000-plus completed homes, Condado de Alhama boasts its own Al Kasar commercial centre with bars, restaurants and a supermarket as well as gymnasiums, tennis, football, basketball, cycle lanes and of course the golf. Homes are arranged in communities sharing swimming pools and children's play areas.

Prices start from $122,425 for a fully furnished top floor two-bedroom apartment with a private roof terrace commanding fantastic views of the resort and surrounding countryside. Interest-only 90 percent mortgages are available for two year periods.

Omni Nashville Hotel Breaks Ground

(NASHVILLE, TN) -- Executives from Omni Hotels & Resorts along with Mayor Karl Dean, the Metro Council and leaders from Music City Center, the Nashville Convention & Visitors Bureau and the Country Music Hall of Fame and Museum, recently broke ground on the latest addition to the portfolio of the luxury hotel brand. The Omni Nashville Hotel, a 21-story high-rise, is set to capture the distinct culture of Nashville - known as Music City - and embody the authentic character of the city.

Set to open in the back half of 2013, the hotel will serve as a key element within the developing Music City convention center area with 800 guest rooms and more than 80,000 square feet of meeting and event space. Located directly across from the new, state-of-the-art 1.2 million square-foot Music City Center, the property will boast retail and entertainment venues unique to a convention center hotel. Incorporating natural materials, exposed steel and regional limestone, the hotel will also be seamlessly integrated with the Country Music Hall of Fame and Museum. The combined facilities will share meeting and event space as well as bring additional retail, restaurants and entertainment venues along 5th Avenue. The hotel will also feature an urban pool deck, fitness center and a Mokara signature spa.

"Omni Hotels & Resorts believes the unique character of each destination should be reflected in our properties," said Mike Deitemeyer, president of Omni Hotels & Resorts. "As we approach the design of the Omni Nashville Hotel, we want to ensure that Music City's distinct culture is incorporated to create a compelling and memorable experience for conventioneers, leisure guests and locals."

The Metropolitan Government and Omni Hotels & Resorts reached a pre-development agreement to build the hotel in August 2010, and formalized the agreement two months later. In December that same year, the Convention Center Authority of Metropolitan Nashville and Davidson County approved a plan giving Omni Hotels & Resorts the authority to integrate into the expansion of the Country Music Hall of Fame and Museum. A preliminary view of the integration plan was showcased in March of 2011.

"Due to the overwhelming support from the Metro Council and our citizens, we are ready now more than ever, for conventions and groups to experience our great city," said Mayor Karl Dean. "We also look forward to extending our southern hospitality to the thousands of business and leisure travelers who will be here for work and play."

The $250 million Omni Nashville Hotel represents a public-private partnership that will create 300 new, full-time jobs with 200 of those positions guaranteed to be filled by Davidson County residents. During construction, Omni has committed to 20 percent diversity business participation and to spend at least 20 percent of the project's construction costs with local businesses. The project is being privately financed by Omni Hotels & Resorts. Like the Music City Center, the hotel and expansion project is expected to achieve LEED Silver certification.

The new Omni Nashville Hotel project will join a number of top Omni-branded hotels and resorts throughout the Southeast, including Omni Orlando ChampionsGate, which features 36 holes of Greg Norman-designed golf.

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