QE2 has been sold by Cunard to developers Dubai World in a $100 million deal that spells the end of the cruise liner’s journeys across the Atlantic from next year.

Instead the QE2 will have a permanent home at the man-made island Palm Jumeirah in Dubai as a luxury floating hotel and entertainment venue.

It will be delivered to the Palm Jumeirah in Dubai in November 2008 where it will refurbished before being berthed in a specially constructed pier at the man-made island ready for 2009.

QE2 has been purchased by Istithmar, the investment arm of Dubai World.

The ship, which was launched by the Queen in 1967, has undertaken 25 world cruises and crossed the Atlantic 800 times, carrying more than 2.5 million passengers.

The liner will sail its final journey out of Southampton to Dubai on November 11 2008 and farewell itineraries will go on sale on June 27 at 2pm.

Cunard president and managing director Carol Marlow said: “We are delighted that when her legendary career as an ocean liner ends there will continue to be a permanent home for her that will enable future generations to continue to experience fully both the ship and her history.”

The five British tourists who died in an aircraft crash in Malawi on Saturday while on an excursion had booked it independently of the operator’s itinerary.

Saddle Skedaddle director Paul Snedker said the five were part of an eight-person group taking a cycling holiday in the country who had decided to independently arrange a sight-seeing flight with Nyika Safari Company.

However tragedy struck when the Cessna aircraft they travelling in crashed in northern Malawi on Saturday. Although the official cause of the crash is yet to be established, bad weather is currently being blamed.

The five who died have been named as Daniel Turnberg, of north London – son of Labour peer Lord Turnberg; sales director Nigel Clout from Hemel Hampstead; Colin Smith and his wife Dawn Rollins of Norwich; and David Murrell, who is believed to be from Surrey.

Snedker said: “This is devastating news. Our thoughts and prayers are with the families during this terrible time. Skedaddle is a small company and the five who died had all been on previous trips with us. They were known and liked by our guides and numerous members of our team.

“Our priority now is to support the families involved as best we can. We are liaising closely with the relevant authorities and organisations whilst they carry out their investigations.”

Stressed out Spanish hotel managers are being offered the chance to vent their frustrations by smashing a hotel to bits.

Spanish hotel chain NH Hoteles plans to renovate its 146-bedroom Alcalá hotel in Madrid and, in a new approach to demolition, is offering 30 local business managers the opportunity to do the rock-star thing and trash it.

The men have been chosen by a team of psychologists who think that blind destruction is the way to make them feel better and take their minds off their hectic jobs.

NH’s alternative destruction squad will be allowed to smash all the furniture and windows, as well as tearing down walls using sledgehammers, axes and chainsaws.

The only requirement for the chosen workaholics is that they will have to wear a helmet when destruction of the hotel takes place on July 3 .

A spokesman for NH said: "To us, it matters little whether professional builders or stressed-out managers tear down the hotel. Besides, it is a good advertisement for our hotel chain."

Budget hotel concept Yotel has opened its first property at Gatwick Airport.

The budget hotel concept, which is a mix between a Japanese capsule hotel and a first-class airline cabin, is the brainchild of Simon Woodroffe, the man behind Yo! Sushi.

Woodroffe claims the Gatwick Yotel, which has 46 cabins and is based at the airport’s South Terminal, is the first hotel to be located inside a UK airport terminal.

A second Yotel is due to open at Heathrow Airport in August.

The cabins come in three classes – premium, standard and economy – the top two of which have en-suite bathrooms. Other features include free Wifi, ‘techno wall’ entertainment systems, and beds that double as couches.

Yotel CEO Gerard Greene said the new concept was “designed to offer a solution to boring and expensive hotels around the globe”.

The design concept even extends to the staff, who have been provided with funky uniforms by Field Grey.

Guests can book the cabins by the night or for just a few hours while they wait for their flight. They can also order room service via the TV system or in person at a 24/7 ‘Galley’ area.

Prices start from £25 for four hours and £55 overnight. Bookings can be made from July 1 either online or by calling 0207 1001100.

The Monarch Travel Group may scrap some of its brand names as part of a ‘belt and braces review’ of its businesses, including Cosmos Holidays and Monarch Airlines.

The group, the fifth-largest UK travel group based on ATOL-bonded passenger figures, has brands that have been trading for up to 45 years. Between them, Avro and
Cosmos carry 600,000 to 700,000 passengers a year.

It is conducting consumer and trade focus groups of its six brands – Monarch Airlines, Cosmos Holidays, Cosmos Tourama, Somewhere2stay.com, Avro and Archers Direct – as part of a five-year strategic review. A decision is due in six to eight weeks.

Monarch Airlines chief executive Peter Brown, who revealed details at the second annual Barclays Travel Forum, said: “We want to find out what the brands mean to
people in the trade and the end consumer. Are we better off with fewer brands?”

He admitted Cosmos Holidays’ business had shrunk in size as a result of a decline in package holiday sales to the western Mediterranean but stressed it was unlikely the Cosmos name, established in 1962, would disappear.

Somewhere2stay.com managing director Stuart Jackson said brand recognition of Cosmos was lower than that of Monarch, launched in 1967, because less money has been ploughed into marketing the name in recent years.

But the group had no plans to stop selling core packages as part of its offering, he said. “Whether we call Cosmos something different or not, we feel there is a proposition for fully protected holidays.”

He added: “We will probably find ‘one size fits all’ will not be a solution, although it may work for certain parts of the business.

“Do we need Somewhere2stay or could we call it Cosmos Rooms? Do we need Avro? Should we have Monarch Holidays?”

Brent Virkus, president and founder of TRiTON Companies, announced that he has entered into an agreement with Hyatt to develop the current Sea Castle property on Siesta Key’s Crescent Beach as a Private Residence Club (PRC). “We are very excited about this project and the ability to bring an amazing development to Siesta Key,” said Virkus, who secured Wall Street financing at a time when investment bankers have given the cold shoulder to Florida condominium development.

“We had to think outside the box with the real estate market being what it is today,” he explained. “We knew we had the opportunity of a lifetime with the Sea Castle property---300 linear feet of beachfront on one of the best beaches in the world makes this spot extremely desirable. And, in doing our research, we learned that people who own high-end luxury beachfront homes spend only limited time each year in the actual residence which makes a fractional ownership such an attractive option.”

Virkus continued to say that fractional real estate is the hottest segment in the industry right now. According to a New York Times article published in April this year, fractional real estate is growing rapidly, increasing to $1.65 billion in sales last year for the United States, Canada and the Caribbean, up more than 30 percent from 2005.

Although sometimes mistakenly compared to timeshare, fractional real estate owners are actually deeded partial ownership (typically one quarter to one twelfth) of the actual real estate, with shared use privileges. It gives owners access to premium destinations, luxurious residences, considerable amenities and personal services and allows them to enjoy their favorite places as an owner without the expense and hassle of a wholly-owned vacation residence.

“Although many fractional buyers can ultimately afford to own a $3 million beachfront home on Siesta Key or the slopes of Aspen, with fractional, they get an ultra-luxurious retreat that is fully-staffed to take care of both the residence when they are not there and their personal on-site needs when they are,” said Virkus.

Virkus said that property will be so richly finished and appointed that each residence will wow even the most hard-to-please buyer. “Fractional offers a level of service so outstanding that residents arriving for their beachfront living will find the refrigerator stocked to their specifications, their favorite linens on the bed, fresh flower arrangements throughout and 7:30 dinner reservations for any table in town,” he said. “It’s the ultimate in luxury living.”

Virkus also added that he has a personal connection to Siesta Key, “I have been vacationing on Siesta Key every year for the past 20 years with my family. It is one of the highlights of the year. We have actually stayed at Sea Castle.”

The working name is The Hyatt Residence Beach Club at Siesta Key.

TRiTON closed the deal on the Sea Castle property June 1. Demolition and construction is slated to begin early next year.

Wireless service provider 5G entered into a contract with Grand Pacific Resorts Inc to provide wireless internet access to several resorts under the management of Grand Pacific, the leading timeshare company in California.

Grand Pacific Resorts Inc based in Carlsbad, California, employs more than 800 individuals responsible of more than 40,000 vacation owners each year. Grand Pacific currently manages twelve resorts including the new Grand Pacific MarBrisa, which is expected to open later this year.

CEO of 5G Wireless, Jerry Dix had this to say about the new partnership, "We are thrilled with our new relationship with one of the most prestigious vacation ownership groups on the west coast and looking forward to a long and positive relationship. These properties are projected to generate recurring revenues for 5G while providing the Grand Pacific Resorts and its guest with a five star wireless service."

5G expects to be fully up and running by the second quarter of this year. The company plans on utilizing its cutting edge technology to provide the highest quality wireless service to the owners of each timeshare. Their technology is known for its wider range, decreased interference and efficient frequency usage.

Bayrock Group has teamed with Riverhead Resorts to pitch a massive recreational project on the 755-acre former Grumman site here. With a total estimated cost of at least $500 million, of which Bayrock has pledged at least $100 million of its own.
Riverhead Resorts will be centered around a 90-acre man-made lake. A 350-foot to 400-foot indoor ski slope and indoor water park will be designed to operate in all four seasons. Other features include hotels, timeshare housing, a spa, an equestrian center, a seaport, farmer’s market, and a 100,000-sf exposition hall.

“We’ve put together a great team,” Don Secunda, partner with Weber Law Group, tells GlobeSt.com. Weber is representing the proposal. “All the people involved have experience in putting together resorts.”

“We are absolutely convinced of the underlying market demand for the destination we propose,” says Jody Kriss, Bayrock vice president. “Long Island is ripe to profit from the 50 million annual visitors to the New York City region.” Kriss’ hope is for Riverhead Resorts to get 1.2 million to 1.8 million of those visitors annually.
“Just to get a piece of land like that in the Metro New York area is incredible. I don’t know how it could be replicated,” Secunda says. The Riverhead Resorts pitch includes $100 million for purchase of the 755 acres. Environmental protections zones are set for the pine barrens, tiger salamander and other sensitive wetland features.

The decision now sits in the hands of the town of Riverhead. One other proposal is before them, from Scott Rechler, the CEO of Reckson Associates during its acquisition to SL Green. He is proposing an 80,000-seat Nascar speedway and a substantial residential component.

Scott Rechler is not to be confused with Rechler Equity Partners, which is run by four of his family members. GlobeSt.com wrote about that company’s acquisition of a separate 330 acres of the Grumman site last week, to build a 2.5-million-sf industrial park.

A crucial difference between the Riverhead Resorts proposal and Scott Reckson’s speedway proposal is that Riverhead Resorts would not have any residential. Riverhead’s schools won’t be bobbing with extra heads to teach, and residents won’t be facing higher property taxes because of it.

Secunda tells GlobeSt.com he expects 1,900 construction jobs for the build-out, and 2,200 permanent jobs once everything is operational. He sees construction as two and a half to three years after the first shovel hits the ground.

Bayrock’s previous development experience has been with a waterfront development in Whitestone, Queens; the Trump Soho Hotel Condominium; Trump Las Olas Beach Resort and the Trump International Hotel & Tower in Fort Lauderdale, FL; as well as mixed-use projects such as Midtown Miami and 1285 Sutter in San Francisco.

The Las Vegas City Council this week approved plans for an 85-acre development along the West side of Main Street. The project would include more than 9,000 hotel, timeshare and condo units, 3.5 million sf of permanent exhibition space, 1.2 million sf of commercial/retail space, a 22,000-seat sports arena and 300,000 sf of gaming area. The developer behind the plan is Real Estate Interests Group of Bloomfield Hills, MI.

Company president John Weaver tells GlobeSt.com he has the property under contract to close later this year, has secured senior debt financing and expects to start moving dirt next year for the first phase of the massive project. The cost of the land has not been released. The estimated construction budget is $8.5 billion. The project’s total value upon completion is estimated at $9.5 billion.

“We plan on breaking ground in the third quarter of 2008 upon receipt of all necessary permits and design approvals,” he says. “We have a pre-development meeting with the city next week.”

The bulk of the development site is bounded on the north by East Charleston Boulevard, on the south by W. Wyoming Street, on the east by Main Street and on the west by the Union Pacific railroad tracks. In addition, the development area includes a triangle of land west of the railroad tracks at the north end of the site and a triangle of land east of Main Street at the south end of the site that extends to Las Vegas Boulevard opposite the Stratosphere hotel-casino.

The extra chunk of land at the north end would be used in part to extend Grand Central Parkway across Charleston Boulevard, under the railroad tracks and into the development. The extra chunk at the south end would give the development a presence at the very north end of the Las Vegas Strip.

The first phase of development, slated for the north end of the site, would include the area, 50,000 sf of retail, 100 condominiums and 3.5 million sf of permanent exhibition and office space for sporting goods manufacturers that would wrap around the arena. Weaver describes the exhibition space as similar to what the World Market Center here is to furniture designers and manufacturers and what the planned World Jewelry Center will be to that industry.

The remaining phases would include 300,000 sf of casino floor space; 950,000 sf of casino-related retail, back-of-the-house and conference room space; 500,000 sf of commercial/retail space; 6,000 hotel rooms; 1,500 condo-hotel rooms; and 1,500 straight condominium units.

The potential deal-killer is the arena. The city has yet to select a developer as the best for developing the area it wants to see developed and there are six other developers in the running. Mayor Oscar Goodman has said getting the zoning changes and approvals does not improve REI's chances of getting the arena deal. Weaver has said that without the arena, his project will fall apart.

Tahiti Village, a new South Strip timeshare complex, continues to grow. Martin-Harris Construction recently topped-off the resort's third timeshare tower on June 15. Consolidated Resorts Inc. owns and operates Tahiti Village at 7200 Las Vegas Blvd. South.

The 27-acre, 308-unit property opened on April 29, 2006, offering 1,700-square-foot fully furnished suites that sleep six to eight people. It consists of two timeshare towers, a sales center, and a restaurant, plus a tropical landscaped pool area with cabanas, sandy beaches and water falls. The property currently averages a 90 percent occupancy rate, say company officials. Tahiti Village, in response, is expanding to meet demand.

Martin-Harris is now working on the $93 million second phase, which calls for a 10-story, 568-unit third tower. Designed by Los Angeles-based Langdon Wilson Architects, the Y-shaped, 554,338-square-foot building is scheduled to finish in April 2008. Martin-Harris is additionally building a $15 million, seven-story parking garage with 1,016 spaces. There will be roughly 450 to 500 tradesmen on site during the height of construction activity, says Brian Schmidt, Martin-Harris' senior project manager.

"Las Vegas is an ideal location for Consolidated Resorts to locate and we have been overwhelmed by the responses," said Carl Hardin, company chief operating officer. "Phase I sold out and a number of units of Phase II have been sold."

Tahiti Village, as a result, will build two additional towers in the future. The property will ultimately have five towers from five to 10 stories tall with a combined 1,700 timeshare units. Tahiti Village will encompass over 1 million square feet upon completion. The third and final phase will begin construction in mid-2008 and finish by late 2009, says Robert Wallace, Consolidated Resorts' vice president of construction and development.

Nevada's timeshare industry contributes $2.8 billion to state coffers annually, reports the American Resort Development Association. The industry also employs 15,910 people and pays $363 million in taxes a year. Nevada's 60 timeshare resorts combine for 7,600 units or 5 percent of the country's total inventory. One million timeshare owners and guests visited the state in 2005, spending an average of $2,307 per trip or 30 percent more than the U.S. average.

"The economic impact of the timeshare industry does not end with the initial purchase," said Howard Nusbaum, ARDA's president and CEO. "Timeshare purchases, combined with other expenditures and owner and guest spending during vacation, generate tremendous income as well as a ripple effect through other parts of Nevada's economy."

GOLF-MAD Sir Alex Ferguson has splashed out £200,000 on a luxury lodge at one of Scotland's most exclusive courses.

The Manchester United manager snapped up the timeshare at the new £7million Carrick golf course on Loch Lomondside. But Fergie will still have to pay £50 every time he wants to play a round - half the normal fee.

The course is set in the grounds of five-star Cameron House Hotel.

Its 96 new properties - 78 luxury lodges and 18 mansion house apartments - will be built beside the fairways set in the grounds.

It is understood Sir Alex, who is worth an estimated £30million, is one of the first to land one of the timeshares on the west shore of the loch.

It will allow him to compete against his pal, Rangers boss Walter Smith, who is a regular at Cameron House.

Fergie, 66, is entitled to spend 12 weeks a year there, and will be 91 when the 25-year lease expires.

The championship course, which opened earlier this month, will host the Women's Scottish Open in September.

Paul Lawrie, winner of the men's 1999 Open at Carnoustie and one of the first to play the course, called it "a true test of golf".

And Fergie won't even have to worry about being bitten by the loch's midges.

The hotel have splashed £50,000 on fiendish gas-powered traps on the course, supplied by Edinburgh University-based firm Advanced Pest Solutions.

They work by pumping out carbon dioxide, which the midges mistake for human breath and they get caught in a collecting bag.

The 18th century baronial manor house is in the middle of a £25million makeover which will include the opening of a luxury spa.

A new extension will add a further 35 bedrooms and four suites to the 89 existing bedrooms and seven suites.

Police investigating re-sale fraud have arrested six Spanish and Bulgarian nationals from two companies in Benalmadena on the Costa del Sol.

The victims are Spanish timeshare owners and the companies involved are listed at Companies House in Spain and were not openly fraudulent.

The police probe focused on a scheme where the owners each paid 450 euros in advance as a deposit to sell their weeks and were subsequently unable to get refunds when the weeks were not sold.

According to Alberto Garcia, who heads up the OTE Enforcement Project, the police have declined to name the companies for the time being because the investigation is ongoing and they anticipate more arrests.