How much does it cost to own at The Crane in US dollars?
Vacation ownership starts at approximately US$10,000 for one week in a one bedroom residence, fully furnished and ready to enjoy. We also offer two and three bedroom residences. When you purchase a fixed week in the residence you like best, The Crane adds flexibility to how you can use it through our Crane Points programme. We ensure that you get the full value of your ownership every year, whether you use the residence or not.
Fractional ownership in quarter shares (or 13 weeks) a year starts at US$128,000, with an additional 3% discount for each additional quarter share purchased.
Full ownership starts at US$568,000 for a one bedroom and US$861,000 for a two bedroom residence. All are fully furnished and kitted out.
Can I start with a week or two and see how I like it here?
We encourage you to take a step-by-step approach to ownership. We offer current selling price to current buying and this lets you buy today what works right now: e.g. you can start with a one bedroom residence for two weeks, and, as time goes by, you may choose to move up to a quarter share of a two bedroom residence with a private pool, or to full ownership.
We make it worthwhile it to invest now in the smallest amount of ownership you need and let you grow your investment as your lifestyle develops.
How is ownership structured?
The Crane residences are held in trust by First National Trustee Company (FNTC) based in the Isle of Man until the year 3000. The property can be willed, transferred or sold at anytime easily, quickly and at minimal cost. The Trustee makes sure there is no debt, prior ownership or lien on the property.
FNTC manages over USD$4 billion worth of property assets and is part of IFG Group PLC. Visit www.fntc.com to learn more.
How does the purchase process work?
Once you have decided which property works the best for you, The Crane takes a 10% deposit on purchases up to US$100,000 and a 20% deposit on purchases over US$100,000. Most people use credit cards to pay the deposit. The balance remains interest free for 30 days, after which the owner can use The Crane’s financing, or pay off the balance.
We offer our own financing to help you to make the decision to move forward. The loan that can be paid off at any time without penalty. Many investors use it as a bridge loan before they organize different financing at home.
All the legal work and due diligence has been completed to allow the property to be held in trust by FNTC. You are welcome to have legal counsel for purchasing but it is not required.
How do I sell my property?
You are free to sell your residence on your own, through any real estate agent, through a web-based resale company, or through The Crane.
The Trustee, FNTC, acts as a middleman for all resales. The purchaser simply deposits their payment with the Trustee, who ensures that all is in order to allow transfer. The Trustee then forwards you the payment, less an administrative fee, and sends the new buyer the title documents. No taxes or legal costs are incurred.
What are the running costs?
The Weekly Fee (paid annually) for each week owned is listed on each price list. We have set up ownership to be completely turn-key and your Weekly Fee includes all running costs: maintenance and renovations as well as providing full 5-star resort services. There is no difference between the service you receive as an owner and the service provided to short-term hotel guests. The total running costs are pro-rated for the square footage of the residence’s interior space, covered and uncovered exterior space and private pool size.
As a management company, our overriding philosophy is to reduce the number of middlemen and outside contractors in order to save our owners money. Lowering our operational cost is also key factor in maximizing profitability in the rental pool. In short, all owners benefit since we provide a very high service level at an extremely reasonable cost.
What is included in the common fee?
Insurance on building and contents
Trustee ownership structure fees
Accounting and audit fees
Maintenance and replacement on all supplied items in the residence and external building works
Private pool maintenance
All utilities, except the electricity used for the air-conditioning which is metered while you are in residence
Communal pools, landscaping and garbage servicing
Access to the beach with chairs, umbrellas, service staff and towels
Resort security - 24 hours a day, 7 days a week, gated
Front desk and personalized concierge services
Daily maid service with toiletries and linen/towel servicing
Long distance phone calls
10% management fee
Is there a rental program?
Yes. Any owner of four weeks or more can participate in The Crane’s rental pool program, which is completely optional.
There are no minimum deposits required.
Since launching our rental pool, owners have always covered 100% of all running costs on the property (not including debt servicing) and received a small profit. This was quite an achievement in 2009, at the depths of the recession!
What makes The Crane rental pool profitable for investors?
The residences are sold as a standard product by the hospitality industry: each one has the same furnishings and fixtures and allows access to the same resort amenities.
The amenities of the resort and quality of the rooms allow us to charge luxury class hotel room rates, as opposed to villa ownership where the rates are lower.
The revenue is pooled for fairness: the resort makes money the same way investors make money, and takes nothing off the top until profits have been achieved.
A combination of increasing demand for The Crane (now that all the amenities are complete) with decreasing supply of rentable accommodations in the pool (since most owners want to use their residence), provides a bigger piece of a smaller inventory pie to each rental pool investor.
Our established relationships with the major players in the hospitality industry in all of Barbados’ markets allow us to be very successful in marketing the hotel for rental.
The cost efficiencies of booking most our business direct and reducing third parties keep the operational costs “wholesale”, while room rates remain “luxury retail”.
How does the pooling work?
We pool all the revenue achieved for all the residences available to rent for the year in the entire resort. The revenue is then shared out proportionally to each residence according to the nightly room rate achieved times the number of nights given to us.
We, as a management company, waive the 10% management fee on weeks deposited in the rental pool.
You make 80% and we make 20% of profit. There is no fixed management fee deducted from gross sales. We feel that this fully aligns our interests with owners’ interests since it rewards us, the management company, only when we produce a profit.
This also is the reason we will always work to drive down operational costs long term and control the common expenses as we have to pay those and make a profit before we receive a management fee.
Can I rent the residence on my own?
Yes. If you opt not to use The Crane’s rental pool, you are free to rent your residence privately. We charge no additional fee to you or your guests.
How can I use my ownership at The Crane?
There are two ownership levels:
For vacation ownership of one to three weeks, you can use your ownership in 3 ways:
Use it: Come and stay with us for the fixed week(s) you own every year in the residence you chose. We make sure it is perfect for you to just arrive and enjoy!
Trade at The Crane: Deposit your week(s) in the Crane Points program and move the value of your week(s) around the resort like money in our system to change the time of the year and/or size of the residence. For example if you own one week, you can come every other year for two weeks.
Trade outside of The Crane through The Registry Collection or RCI Points: Deposit your week in either of these fractional exchange services and receive access to thousands of resorts and services across the world.
The Registry Collection is a luxury fractional exchange service providing access to the best resorts in the world combined with high end Concierge services, private airline travel, luxury cruises and more.
RCI gives you access to over 6,000 resorts in every corner of the globe.
For fractional ownership of 4 weeks or more, use any of the three options listed above, while also receiving the benefits of the rental pool.
Rental Pool: You can deposit some or all of your owned weeks into the pool and change it as your use needs change. Our rental pool program has always covered all owners’ running costs and produced a profit.