David Lloyd, the upmarket sports club entrepreneur and former tennis player plans to bring a new holiday home club venture to Dubai. He already has a club in UK (davidloyd.co.uk)
David Lloyd The was former captain of the British Davis Cup team, is poised to open a string of clubs around the world in 2009 including sites in the emirate, Morocco, St Lucia and Phuket in Thailand.
Over the next 10 years, Lloyd aims to add a total of 20 locations to the choice of holiday homes. No details have yet been released about the Dubai operation but it is one of the first four to be developed, according to a David Lloyd Resorts website.
Lloyd has reportedly put in £3 million of his own money to start the business and former tennis star Greg Rusedski has also agreed to join him in the new venture.
The business venture aims to offer fractional ownership within a specific holiday home for between £36,000 and £40,000, which buys a month’s holiday every year for a decade.
In comments published on UK website APlaceInTheSun.com on Friday, Lloyd disagreed that the current global financial crisis would affect the popularity of the business proposal.
“The low entry cost will appeal to a much wider audience,” he said, adding the deal would also come with a get-out clause during the first three years of the project, which should also alleviate some buyer’s fears.
Lloyd added that after the 10-year period finishes, the investment can be converted into an equity ownership and sold.
Lloyd already owns a number of homes around the world and he added: “A lot of my wealth has been invested in property and although they’ve increased in price over the years I’ve discovered how expensive and time-consuming owning overseas can be, which is why fractional ownership is such a good idea.”