Frequently Asked Questions

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• What is a Condo Hotel and how does this apply to Wymara?
• Who is Preferred Hotel Group and what is their involvement in Wymara?
• What are the keys to a successful condo hotel?
• What are the advantages of buying at Pre-construction prices?
• What is the role of the Management Company?
• What is the Maintenance and Rental Management Agreement?
• How do Condo Hotels compare to Timeshares?
• Title Insurance is generally recommended in the US-Why don‘t I need Title Insurance in the Turks & Caicos Islands?
• Can I finance a condo purchase at the pre-construction phase?
• What are the amenities offered by Wymara?
• When can I move in?

A Condo Hotel provides the ownership opportunity of the condo structure with the amenities and services of a hotel. As an owner of a unit in Wymara, you will have access to the five-star quality amenities and services of a luxury hotel, including restaurants, room service, fitness center, housekeeping, concierge etc. When not in residence, your unit is placed in the hotel‘s available room inventory and the Management Company is responsible for renting your unit if it‘s in the rental program. This enables you to generate rental revenue and offset ownership expenses. The more your unit is available to the rental program, the more potential you have to generate rental revenue. Condo Hotels offer hassle-free vacation home ownership since the on-site Management Company takes care of all upkeep, maintenance and interaction with renters.

Preferred Hotel Group is a global leader in the hospitality industry with more than 300 hotels in 52 countries, including the Atlantis in the Bahamas, Peter Island Resort in Tortola, and Sandy Lane in Barbados. This creative, cutting-edge company is designed for a new era in travel - an era in which travelers embrace the individuality of distinctive hotels and resorts - yet desire a consistent commitment to excellence in service. The Preferred Hotel Group will be responsible for setting room rates and marketing the condominium units in the rental program.

The essential ingredients to a successful condo hotel include a good location, an attractive amenity package, a respected developer, a strong brand and good management. Wymara‘s location on Grace Bay Beach is unparalleled, and with the brand and management offered by Preferred Hotel Group, standards are assured.

Pre-construction pricing offers buyers a limited opportunity to purchase available inventory at a discount to competed unit prices. As well, buyers can select from a broader range of units at this early stage.

The Management Company operates the rental program and in exchange for a share of the revenue, markets the units as a hotel, takes reservations, operates the front desk, maintains the property and provides the services hotel guests expect such as housekeeping, food and beverage, concierge, and general operations.

The Maintenance and Rental Management Agreement provides for your unit to enter the rental pool program as offered by the Management Company. An equitable distribution of bookings is ensured by use of a rotational booking system. The Management Company is responsible under this agreement for all advertising of the property, rental of the unit, provision of a reservations system and provision of services and amenities to guests including staffing of the hotel operations and daily maid service.

With a condo hotel unit, owners have deeded ownership to their condo and can use it anytime they want. With a Timeshare, owners are typically allotted just one or two weeks of the year to use their condo and generally these are always the same weeks. Timeshares can be difficult to resell. A Condo hotel on the other hand, because of their prime locations, limited inventory, actual deeded real estate ownership and rental revenue are a highly desired commodity, and as you own the asset, you can resell at anytime, typically at an appreciated value.

All land in the Turks & Caicos Islands is registered under the Registered Land Ordinance, (a Torrens Land Registration System) and an individual can rely on the Land Register (maintained at Her Majesty‘s Land Registry in Grand Turk) in respect of title to land or a condominium. Thus there is no requirement for Title Insurance, as title is guaranteed by The Crown. Each individual unit within the Strata Plan upon completion of construction will be issued with an individual and unique identifying number by the Registrar of Lands, and your unit will be entered into the Turks & Caicos Islands Land Register in your name upon completion of the purchase.

Standard mortgage financing at the pre-construction phase is not available, as it is not possible to register a mortgage on the individual condominium until such time as the unit is completed. There are however, various trust companies on island that can organize bridge financing until completion of the project, and will then roll that bridge financing into a regular mortgage. The amount of financing available is generally in the region of 50%, and borrowers should expect to pay between 3-5% in upfront costs to establish a loan.

Wymara, as befits a high end resort will offer a host of spectacular amenities. Casual, relaxed, dining will be offered at the poolside locale and at the beach bar, with Room service available on request, and for a more elegant dining experience, enjoy our gourmet signature restaurant. A large signature 80 x 80 pool with unique floating islands is located at the center of the Resort, and an indoor/outdoor spa will offer a range of personalized treatments. A fitness center will be fully equipped with top of the line equipment. As standard, each unit will be equipped with state-of-the-art technology including wireless high speed internet access. In addition, a professional concierge can arrange your enjoyment of all amenities and to assist in coordinating golfing, fishing, sailing, diving activities available in the Turks & Caicos Islands.

We anticipate Wymara will be ready for owners in December 2008.