6 MORAKOT ISLAND FEATURES AND BENEFITS/POINTS OF DIFFERENCE/THE STRENGTH OF THE MORAKOT PROJECT FEATURES AND BENEFITS OF MORAKOT Morakot will be a mixed-use project combining real estate sales and especially fractional ownership sales with hotel operations. Definition of Fractional Real Estate Ownership ─ Fractional ownership is ownership of any property that allocates use of that property according to the amount of time each owner is allotted and when he/she may use that time. As applied to real estate, fractional ownership is a structure whereby a number of co-owners own and occupy a particular residence or residence type. Each co-owner receives a fee simple deed conveying the right to occupy the residence or residence type for a specified amount of time seasonally and how that time is allocated. It may also convey a pro rata share of the common areas and amenities. The fractional deed functions the same way as a whole ownership deed to a primary home. It can be recorded, mortgaged, gifted or willed, and its title can be insured. The property can be resold through local agents or by the owners themselves. The fractional owner has the same rights and privileges as a whole owner save only that the fractional owner has just a fractional interest in the property rather than whole ownership of the entire property. Definition of Private Residence Club ─ Originally, this was the market positioning statement that Mr. Disick coined and first used in 1994 in the pioneering luxury fractional vacation property, Franz Klammer Lodge in Telluride, Colorado. The statement was created expressly to distinguish the property from timeshares and to signal that it offered a luxury «5-star» vacation experience. Today, «Private Residence Club» has become the name of the category in the industry denoting the most luxurious of the fractionally owned properties ─ those with a prime location, top quality construction and furnishings and offering extensive property amenities and owner services. Growth of Luxury Fractional Ownership – Fractional ownership is the fastest growing segment of vacation property ownership. From Mr. Disick’s project opening in 1996, it has grown to over 350 projects around the world ─ Western and Eastern Europe, Middle East, Africa, Asia, Australia, and, of course, the Americas.
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