The Reefs Club will be the latest fractional ownership development to launch in Bermuda when it opens its doors this summer.

The new residence club will offer 19 apartments, including eight three-bedroom units and 11 two-bedroom units, with all of the rooms offering a balcony and sea view and private hot tubs on the verandas. The residences start at $350,000 for one-tenth ownership of a two-bedroom and $410,000 for three-bedrooms.

The last fractional ownership scheme to open in Bermuda was at the Newstead Belmont Hills Golf Resort and Spa in Paget in April 2008.

David Dodwell, president of The Reefs, said work was expected to be completed on the new development in six weeks' time, with the club opening to owners at the end of June once all the furnishings have been fitted, while the finishing touches will be added by the end of July.

He said everything should be done on time and to budget, having been well financed before the economic downturn hit.

"I have been very impressed with the work and efforts of our contractors Greymane, led by president Tomas Smith," he said.

"On the ownership front, we are a little more than a quarter filled. We were affected by this recession just like everyone else and we were doing well until it hit.

"But this is about selling a lifestyle and selling the experience and The Reefs to the customers.

"Finishing this project on time and on budget and being able to show it to the rest of the world has been critical."

Mr. Dodwell said The Reefs' marketing strategy had been to target the north east corridor of the US, primarily using public relations and advertising, in addition to personalised letters and e-mails sent out to new and existing clients.

The resort also has a marketing showroom with design plans and pictures of the residence club, and even model furniture and a bedroom set up so that potential customers can experience the facilities first hand.

"It is a typical market for visitors anywhere," he said.

"We are fishing where the fish are.

"I believe the direct mail and e-mails, which are highly personalised, are going to be our best source of service."

The club's owners can expect to be welcomed on arrival at their very own private reception and concierge area before being escorted to their residences.

They can also take advantage of the owners' lounge, an exclusive club room complete with a bar, pool table and television at their disposal, as well as a private state-of-the-art fitness centre.

Other benefits range from an infinity-edge pool, rooftop putting green with Atlantic views, while The Reefs' three restaurants and new La Serena Spa with eight treatment rooms, also due to open at the end of June, will be shared by both the hotel and residence club, with owners able to buy restaurant meal plans to enjoy during their visits. A new laundry room will also be completed for the hotel soon.

The residences will be furnished in contemporary Bermudian style and will feature amenities, such as flat screen televisions, spa bathrooms and gourmet kitchens.

Meanwhile, visitors booking stays at The Reefs can also choose to rent the Club residences until the inventory has been sold out.

The whole project, including the addition to the bar, rebuild of the terrace and construction of two new restaurants last year, has been four years in planning and development, but despite being happy to see it come to fruition, Mr. Dodwell has further plans to keep upgrading and improving both The Reefs and his other hotel in Nevis in the Caribbean.

"A hotel never stops," he said.

"Whether it is upgrading guest rooms or investing in the whole hotel, the basis of success is to be continually investing in the product and giving the customer what they are looking for.

"What we create here are memories, so the guest doesn't leave with much that is tangible, but what we hope is they leave with a good memory."

For more information about The Reefs Club call 239-0190 or visit www.ReefsClub.com