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Synchrony: A New Concept in Luxury Yacht Lifestyle
May 27, 2009 by Fractional & Shared Ownership Property News & Reviews · Leave a Comment
Synchrony, The Luxury Yacht Partnership, launched earlier this year offering a luxury yacht lifestyle program with year-round access to a fleet of premium yachts positioned in North America, Europe and the Caribbean.
Similar to the shared ownership programs that have been embraced in the high-end real estate and aviation industries, Synchrony is now raising the bar in the world of luxury yachting. Each state-of-the-art yacht is designed specifically for syndicated ownership and fleet access. Synchrony’s goal is to bring a consistently high standard of hospitality culture to the luxury yacht experience and deliver an extraordinary level of service and attention to detail, often overlooked by other fractional companies and yacht charters.
Synchrony was conceptualized by a group of individuals with extensive experience in yacht chartering, yacht ownership and luxury marketing. Chief Executive Officer, James Henderson, is a specialist in management, strategy, corporate development and marketing, working with premium brands and services catering to high net worth clients. While Bob Saxon, an iconic and respected figure in the global yachting community, is serving as a Synchrony Advisor and Board Director, responsible for marine operations and brings more
than 30 years experience in luxury yacht management.
“The Synchrony Yacht concept is unprecedented in the world of yacht ownership,” says Saxon. “By offering the industry’s lowest owner-to-yacht ratio, highest caliber vessels, unparalleled service and a combination of advanced bookings and flexible short-term access, discerning yacht owners now have a smarter option to the luxury yacht lifestyle.
After reviewing the pros and cons of full ownership versus charter, the Synchrony team came to the realization there must be a better way. A solution that comprises the best of both worlds: luxury yacht lifestyles, year round flexible access and the convenience of partial ownership. That is the genesis of Synchrony. After researching and evaluating the fractional programs in both real estate and private aviation, Synchrony decided to adopt the industries’ best practices and apply them to luxury yacht ownership.
The company also removed any of the unknown variables by bringing professional yacht and hospitality
management together. In this case clients have all the benefits of ownership such as access, personalized
service and flexibility with none of the hassles of full ownership, additionally offering a significantly lower
capital outlay and operating costs, especially timely during this economy. Most importantly, the program
is underscored by consistently high standards of personalized service.
The Synchrony fleet has been specifically designed to optimize the best in luxury yachting with effective service delivery, operational efficiency and lower operating costs. The team handles every element of the yacht acquisition and management process with exacting standards. They carefully specify and configure each yacht against a rigorous set of criteria to ensure it meets the requirements of the program. Synchrony has specifically focused on tri-deck luxury yachts in the 120ft range as they offer the ability to cater for 10-12 overnight guests as well as offering an intimate space and environment for smaller groups. This yacht format also provides generous crew accommodation and rest areas critical for a high usage platform.
Synchrony recently selected the Azimut-Benetti group to design and configure the yachts for the Synchrony
program. Benetti is one of the largest luxury yacht builders in the world with a proven and highly successful
fleet. Synchrony will initially offer the Benetti Classic 120ft yacht.
Synchrony’s yacht management is relentlessly focused on seamless operations, safety, driving down maintenance costs and ensuring the Synchrony fleet is of the highest quality, keeping clients’ needs at the forefront.
Synchrony has researched and structured the optimal yacht registration, flagging and operating model to enable shared usage of the yachts in its key cruising destination. It then manages the day-to-day expenditures, disbursements, registration, flagging, classification, maintenance programs, insurance, logistics, purchasing and scheduling. These are the kinds of things that take the joy out of yacht ownership – that’s why Synchrony does it all for its clients.
With full ownership, one of the greatest advantages is to make spontaneous short notice and short duration trips. Synchrony wanted to ensure that this flexibility was also available to its owners. Unlike other fractional programs that lock you into advance weekly bookings, with Synchrony owners can book a three-day or even a single day usage on the yacht.
Synchrony has set up the system based on advanced bookings prior to the cruising year and short-term
booking windows to offer owners similar levels of access and flexibility to full ownership. In order to optimize the flexibility of the program, Synchrony has built in 25% spare capacity to allow for more spontaneous short-term bookings. Synchrony refers to one booking day as a 24- hour period from 2pm to 2pm the following day.
When the yacht is not in use and owners know in advance that they will not use their full allocation, they
have the option to allocate advanced booking days to the charter bank. Synchrony will work on a best efforts
basis to charter those weeks and each owner will receive revenue from specific weeks that were chartered. The diversity of the owner profiles means that different people have preferences for different times in the year. Synchrony will initially approach other owners, and then promote the charter weeks through its partner in the charter community.
As for staff and crew, Synchrony recruits, trains and manages the team, selecting only the best of the best, all to make an owner’s experience flawless. It also provides the finest culinary service, making each voyage as satisfying as it is effortless.
The culinary experience is one of the key elements of any trip and Synchrony has joined forces with renowned hospitality partners to train its chefs and develop a variety of sensational gastronomic experiences onboard. The company also brings a consistently high standard of hospitality culture to the luxury yacht experience, delivering an extraordinary level of service and attention to detail that is truly unprecedented in the luxury yachting world.
Great service is about unrelenting attention to detail – so precisely executed that is goes almost unnoticed.
The goal is to excel beyond clients’ expectations in owner service. Its dedicated team of concierge and
lifestyle specialists will work with each owner to learn their preferences in using the yacht. Whether it be for
a family vacation, short get-away, entertaining friends or for business purposes, Synchrony’s team will
focus on getting to know personal styles and preferences, ensuring each trip is tailored to an
owner’s specific needs.
Through a detailed provisioning process, Synchrony takes care to have everything from an owner’s favorite
foods and wines, to music, movies, entertainment and activities for family and children. When in port,
Synchrony will continue its owner services, including management of bookings, travel services, third party
charters and more. And with the company’s reciprocal arrangements with destination and resort partners,
travelers will always receive the finest experiences in the greatest ports of call.
Synchrony is developing a series of strategic partnerships with private aviation, limousine, resort hotels and travel groups to provide owners with a range of additional travel services, making the Synchrony yachting experience truly seamless.
Synchrony Luxury Yacht Partnership is currently accepting new owners. For more information or to join, please call +1-954-462-3223 or visit www.synchronyyachts.com
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