Azura Bermuda, the gorgeous hotel and residence resort on the South Shore where Surf Side Hotel had long sat, has come a long way in the last year. Here’s an update:
1. The very cool one-bedroom lofts are complete. These super chic units have two-storey-tall glass walls offering breathtaking views of the water. The glass windows and the bedroom area come with privacy screens which lower electronically from the ceiling. The loft portion contains the bedroom and a bathroom while downstairs has a living room, a kitchen/dining room, a bathroom, and washer and dryer. The sofa pulls out as a queen-sized bed so the unit sleeps four. Owners can leave their personal belongings safely when it is being rented out as a hotel room as there is a lock-off closet upstairs.
2. A new Azura website has now been launched, and its booking engine will shortly start taking hotel reservations for 2020. The website has 360-degree panoramic views of each type of residence with floor plans with all the essential features listed. There will be a “portal” section of the website for owners to coordinate with the hotel as to when all or part of their residence will be available to be rented.
3. Director of sales Thad Crouch is feeling bullish about Azura real estate as its available for purchase by Bermudians, work permit holders, overseas buyers and companies. Purchasers benefit from a unique combination of private residences and individual hotel rooms that are professionally managed and rented to guests, which is proving very attractive to potential buyers
“The bedrooms are specifically designed to be made private from the rest of the residence, so an owner has a lot of options as they decide each year how they wish to participate in the rental revenue programme,” Crouch said. “This is accomplished by each bedroom having its own hotel key entrance.”
Owners also have full control of the occupancy plan for their residence, and the occupancy plan can vary from one year to the next. Provided they make at least one bedroom available for Azura hotel bookings for at least 50 percent of nights during each year period, they can take advantage of the special financial incentives set out by the government that include and exemption from paying land tax for five years. It is possible for an owner of a two-bedroom unit or larger to live full time in their private suite and still honour the agreement by making one room available for Azura guests. “Or they can opt to rent out the whole unit. Whatever best serves their lifestyle,” Crouch says.
Overseas purchasers may live in their residence full time and only have to leave Bermuda once each year—as long as they apply for a multiple re-entry permit. Each residence comes with a 999-year leasehold and a pro rata shareholding interest in the common areas. Thus, at completion, the hotel residence owners collectively own the entire property and control their own destiny going forward. The common areas include the pool, Azura Bistro and Bar, Spa Azura, a fitness centre and the private beach. Some of the buildings will have grass roofs to add to the resort’s green space—both for its natural beauty and so that other owners “are looking out over lawn rather than a white roof as they enjoy the ocean views.”
