Our Vision To Develop Resorts And Capture New Markets

Previously we have focused on the proposed expansion of the Lion Resorts Vacation Club through the formation of a joint venture with Kouroushi Bros Ltd, a well established construction and development company, to create Kouroushis Lion Resorts (KLR).

Here we try to summarize the creation of one of the industry’s most exciting growth stories, documenting their aims and objectives for this expansion and the plans for the future, all created as a result of this joint venture company’s combined determination and desire to succeed.

KLR has created three business divisions to fulfil the company’s aim of providing high levels of excellence, innovation and professionalism. KLR Hotels & Resorts, the resort management company and brand; KLR Resort Properties for freehold and fractional sales and marketing, and vacation membership sales and
marketing continues under the Lion Resorts brand.

Director, Jack Mably explained at the time the benefits of the partnership for Lion Resorts; “It’s always been our vision to develop resorts and capture new markets by facilitating the needs of the buyers and end users and our partnership with Kouroushi Bros. will do this and more. We are now constructing purpose built
resorts to facilitate a range of products from freehold, fractional and timeshare.”

The first stage of this ambitious plan of expansion has now been achieved with the opening of the newly constructed Capital Coast Resort and Spa in Paphos, Cyprus which opened earlier in the year.

Built on an area of 29,000m2 and including 113 vacation membership suites the resort is the first purpose built resort to be added to the Lion Resorts Vacation Club portfolio and provides members with all they have come to expect from one of the Mediterranean’s leading vacation membership companies.

“With the expansion of the group it is vital that we ensure a consistent tour flow which not only complements the Hotel division but also supplies good quality clients with the potential to join our Vacation Club.” Sean Thacker, Lead Generation Director.

The Capital Coast Resort & Spa has been designed with the warmth and hospitality in mind that the island of
Cyprus is renowned for. The resort’s buoyant Mediterranean spirit captures all its guests, welcoming them to enjoy and relax amongst its excellent hospitality and services.

Guests can enjoy elegant classical modern exterior and spacious contemporary modern interiors that offer
unobstructed sea views from within the resort and comfort from its furnishing and surroundings.

Onsite facilities include an a la carte restaurant, pool bar, evening entertainment, large outdoor swimming
pool, onsite shopping facilities, and wellness and spa facilities.

Construction on the second new development in Cyprus, the Amphora Hotel Resort & Spa is still ongoing with the first of three phases scheduled to open in summer 2009, with full completion and opening due in 2010.
The five star Amphora Hotel Resort & Spa was previously a derelict wine factory and covers an area of 40,000m2 on a prime beachfront location in Kato Paphos. This self contained beachfront resort will cover one of the largest plots of any of the hotels in Paphos and will be a key aspect of Lion Resorts’ growing portfolio. The hotel will consist of 73 hotel rooms, and 4 suites, and the timeshare accommodation will comprise of 34 one bedroom suites, 38 two bedroom suites, 2 three bedroom suites, and 3 three bedroom villas with private pools. With an incredible amount of on-site facilities, uniquely designed architecture, and stylish interiors, The Amphora Resort and Spa will be among the best in Cyprus. There will be a retail village comprising of 19 units which have been taken up by leading worldwide brands; numerous swimming pools (9+) both indoor and outdoor; one of Cyprus’ finest, and most tranquil spa facilities, including a thermal suite that offers the user a variety of intense relaxation experiences; various restaurants and bars located throughout the resort with top class staff; many facilities designed especially for children, and much more
besides. Architecture and interiors are by Scott Brownrigg and incorporate the wine producing history of the site’s previous owners fused with contemporary modern interior design. This intense attention to detail means designing their own resort in conjunction with a quality developer will make Lion Resorts the vacation
membership company of choice across the Mediterranean.

As well as these hotel and resort developments, a third project, due to commence construction early in 2009
is the development of a freehold gated community. Andromeda Bay covers 40,000m2 and is adjacent to Capital Coast Resort & Spa. Jack Mably, Managing Director of KLR explains, “Andromeda Bay will be the first sea front gated community of luxury properties in Paphos. Buyers will have the option to purchase either freehold or fractional ownership, or on our Buy to Use to Let Scheme, which will be managed by our resort management company.”

KLR’s business development has been focused on acquisition of new affiliate resorts through expansion within current destinations or entry into new destinations. The company merged with another Cypriot timeshare developer, Trustwise Holiday Resorts, earlier this year, adding a further 2 resorts to their portfolio in Cyprus, as well as villas in Florida and the potential for further development in Cyprus and Egypt.

Expansion of sales and marketing operations across the Middle East was one of the main attractions for KLR when considering the potential benefits of a merger with Trustwise Holiday Resorts. With Trustwise Holiday Resorts being primarily focused on destinations across Egypt and its neighbouring countries the growth potential for the Lion Resorts Vacation Club is huge.

Already the benefits of this merger are being felt down in Sharm El Sheikh, where the latest addition to the Lion Resorts Vacation Club, is about to commence vacation membership sales and marketing activity.

The resort will be the 3rd added to the LRVC portfolio in Sharm over the last 18 months and Sales Director Matthew Metcalfe is optimistic about the impact this latest addition will have on sales forecasts for 2009. “The resort itself has over 250 rooms and we hope that through our innovative lead generation programs
we would expect to generate at least an additional 100 qualified tours per week primarily from guests staying onsite. As most people have found when considering locations for potential sales operations,
a deciding factor for us was the ability to operate a sales and marketing operation all year round. Obviously we suffer from some seasonal variations but by and large these are minimal when compared to European tourist destinations. Hopefully we can effectively utilize this latest addition to our portfolio to continue to drive sales in the region.”

Continued expansion across Egypt continues to be high on the list of priorities for Lion Resorts, with an increasing number of resorts currently being investigated as potential additions to the portfolio.

The as yet undisclosed resort in Sharm El Sheikh is a five star property with over 250 deluxe rooms and executive suites with most rooms enjoying a sew view. The hotel has direct access to the beach at Nabq Bay and is located alongside one of the natural wonders of the world: the Red Sea, a perfect location for snorkeling and scuba diving including miles of breathtaking beaches and endless sunshine.

Over the next 12 months a process of renovation and refurbishment will take place across the whole resort enabling it to become one of the leading properties within the Lion Resorts Vacation Club portfolio ensuring members are guaranteed the same quality and service at all of the group’s destinations.

2008 has also seen the launch of the Lion Resorts Vacation Club, bringing Lion Resorts from single destination memberships to an all encompassing multi-destination vacation club. Customers purchase membership in weeks according to unit size and seasonality. Their membership entitles them to holiday at any of the resorts within the Lion Resorts portfolio as well as taking advantage of other benefits associated
with membership including special offers on accommodation at member resorts; member preferred rates through the company’s own travel agent, Lion Travel Services and membership to exchange company, RCI. Membership to the Lion Resorts Vacation club ranges from £4,000 to £30,000 per week for full membership,
with many new members choosing to “test-drive” the membership by joining with the entry level “Experience” package.

Lion Resorts’ Sales Director, Matthew Metcalfe summarizes Lion Resorts last 12 months and future sales growth;

“We closed the year in 2007 with over 200 sales and marketing employees and a net turnover of £8 million and we have forecast that by the end of this year our sales and marketing employees will have increased by 40% and our annual net turnover to be in excess of £12 million. This is largely due to the launch of the
Vacation Club, as well as our expansion this year with additional sales centres and resorts in Cyprus and Egypt. Of course, none of this could have been achieved without the ongoing success of our current sales centres. We have also entered the German, Russian and Greek-Cypriot markets, dramatically increasing our target audience.” Over the next two years with further sales centre expansion and the opening of Amphora Hotel Resort & Spa, Lion Resorts have forecast a turnover of £25 million in 2009 and an increase to over
350 sales and marketing personnel.

One of the main driving forces behind this expansion has been the introduction of a variety of lead
generation programmes designed at giving an increased number of potential customers the opportunity
to visit one of our resorts prior to purchasing membership.

“With the ongoing problems related to destination marketing strategies we have a policy of continually developing our source market activities to attract clients to one of our resorts.

Clients booking a holiday to one of our resorts have the option to discover more about our products in friendly surroundings. We find as a company in this sort of relaxed atmosphere all our stays enjoy the experience offered.” Sean Thacker, Lead Generation Director.

So where next for KLR and the Lion Resorts Vacation Club? Well in keeping with the methodology that has served them so successfully so far, Lion Resorts have decided to keep In line with the demands of their growing member base, and as such, the Canary Islands, with a preferred climate and constant temperature throughout the year, and splendid beaches of fine sand are the next top destination being sort after by
the groups directors.

It seemed a natural move explained Sean Thacker, “not only has it been a constant request from our owner
base, but from a business perspective the islands represent an area where a large number of our middle and
senior management first started in the business. As well as providing the opportunity for many of our current employees to relocate to warmer climates for the winter months it also gives our members increased holiday possibilities all year round.”

At the time of writing discussions were at advanced stages with a selection of high end hotels/resorts and developers across the Canary Islands. Further announcements relating to specific opportunities available for Lion Resorts operations in these destinations will follow once discussions are completed and agreements finalised.

Lion Resorts’ business is diverse with growth and success; there are still challenges to face. Jack Mably tells of the challenges the company faces in recruiting the right people for the job.
“The one thing restricting growth is the challenge of finding key personnel. When we open new sales centres we need to recruit experienced middle managers and when we enter new markets we have the further challenge of finding multi lingual staff. We do experience a very low turnover of employees, people tend to choose to work with us, train with us, and stay with us. But we need to find more to help us grow.” Lion Resorts currently employs over 300 employees in sales & marketing, administration, customer service, travel services, accounts, and HR. Sales teams and administrators are located at each destination and resort, with the main Head Office based at the Capital Coast Resort & Spa, Paphos, Cyprus.

With six resorts in Cyprus and a seventh due for completion as well as resorts in Zante, Sharm el Sheikh, Egypt and in the near future the Canary islands, Lion Resorts are able to offer potential candidates with a variety of lifestyle choices. Opportunities for quick career progression are available for individuals who show the drive and ability to succeed with Lion Resorts.

KLR Director, Andrew Chapman comments on career opportunities with KLR and what key characteristics are
important in the new recruits. “With growth there is the creation of new positions, so this is a good time to
consider joining us. Jack has explained the challenges we have faced in recruiting sales middle managers, but we also have the challenges of finding qualified and specialised back office personnel. We have departments in Marketing, Finance, Accounts, HR, IT, Customer Service and Telemarketing and we are continually recruiting to support these functions to ensure we can continue to deliver a high level of service
for our members.” Of the company benefits, Lion Resorts Internal Services Director, Philippa Davis adds, “We
offer all our employees a full company induction and training program, and there are relocation packages available for some of our company positions.”
For more information about careers with KLR, email careers@klrdevelopers.com.

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