Fractional property ownership is key to the financial success of the K Club, according to Michael Smurfit, the Monaco-based Irish tycoon who holds a 51 per cent share in the upmarket County Kildare hotel, golf and spa resort.
Speaking to the Irish Independent, which described the K Club as Smurfit's “financial headache.... where losses are surging”, Smurfit said: “It has been difficult, very hard times; the American market has dried up, although it has come back a little bit, but we've just got to stay the course. I have been funding the losses up to this year personally because my partner is unable to do so. But we'll see what happens in the future,”
"We are a very important employer, we employ hundreds of people. It is important to have a flagship like the K Club and I am proud to be part of it. I think we have bottomed; we are forecasting modest growth over the next three to five years, for instance. But if our fractional ownership programme takes off it might be better than modest. I think it is a five- to seven-year project,” said Smurfit.
"We are in partnership with a London-based company, First Light. If that takes off, the K Club will certainly have a strong financial future, but it is too early to call that particular initiative."
Introductory prices for the fractional ownership properties at the K Club range from €131,500 (£108,100) for an eighth share in a two-bedroom apartment (1215 square feet) and go up to €330,000 (£273, 745) for a four-bedroom house (3,800 square feet).
