ORLANDO, FLA., - April 23, 2002 - Marriott Grand Residence Club, the newest fractional ownership brand of Marriott International, Inc. (NYSE:MAR), announced today the second property in its developing portfolio. Marriott Grand Residence Club, Mayfair-London offers an exceptional opportunity for fractional property ownership at one of London’s most prestigious addresses, 47 Park Street, Mayfair.
Marriott Grand Residence Club assumed management of the existing 47 Park Street Hotel earlier last week. Located in the heart of London’s Mayfair district and only minutes from Hyde Park, the intimate 49-residence property represents the latest addition to Marriott’s diverse fractional ownership portfolio around the globe.
“Marriott Grand Residence Club, Mayfair-London continues a long-standing tradition of excellence at 47 Park Street,” said Marc Topiol, Regional Vice President, Resort Development, Marriott Grand Residence Club. “After a careful search, we chose a location which will no doubt prove to be a desirable second home alternative for London’s most discerning travellers.”
The property will continue to operate as a luxury hotel in the manner of service to which guests have become accustomed. Amenities include 24-hour room service and full concierge assistance providing for transportation and leisure needs.
Targeted to open for initial owner occupancy spring 2003, Marriott Grand Residence Club, Mayfair-London, will provide convenient second home ownership as an alternative to conventional whole ownership with the full flexibility, services and amenities of a fine hotel, and the further benefit of exchange to worldwide destinations. Nightly accommodations will remain available for rent even after the property is sold-out, as owners exercise their various usage options.
Upon completion of a refurbishment later this year which will maintain and enhance its traditional character, the property will possess 33 one-bedroom and 16 two-bedroom residences ranging in size from 710 to 1,108 square feet (66 to 103 square meters). Ownership prices range from $122,200 (£85,000) to $291,500 (£202,800) per 28-day fractional interest, based on residence type and season.
For further information, please call Marriott Grand Residence Club within the U.S. at (866) 204-7263 or email [email protected]