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Fractional Ownership
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strong across the country, Bjorkdahl said,
noting that Flexjet is scheduled to take deliv-
ery of four more of the planes by the end of
the year, among 18 others of various makes
and sizes arriving by Dec. 31. It will close 2016
with 52 new jets delivered in 24 months at a
cost of about $1 billion, he said.
"That's where they see the industry head-
ed to is these new aircraft, these new private
jets that they feel is the demand of the pri-
vate-jet owner," Bjorkdahl said.
Fractional costs
The plane retails for about $17 million new,
with Flexjet selling shares starting at 1/16th
of the cost, or about $1.075 million, Bjorkdahl
said. A 1/16th share is 50 hours a year, with the
plane's full utilization considered 800 hours a
year. In addition, fractional owners pay about
$7,000 per hour for operations, which includes
the flight crew, fuel and other costs.
The Legacy 450 features a cabin 6 feet high
and about 7 feet wide, includes seats that can
be converted to a flat position for sleeping,
and sound-reduction elements for a quieter
ride and less passenger fatigue. The plane's
range is capable of nonstop coast-to-coast
or New York-to-Dublin flights, depending on
weather and passenger load.
The aircraft has a cruising speed of 536
mph and typically flies between 41,000 and
45,000 feet.
Capt. Jerry Smith, an 11-year Flexjet pilot with
more than 10,000 flying hours who was show-
ing the plane with Bjorkdahl, praised its safety
and handling features, including its fly-by-wire
(FBW) technology, which replaces conventional
manual flight controls with electronic ones.
The Legacy 450 and 500 are the smallest
business jets to use fly by wire, according to
the Aircraft Owners and Pilots Association.
"It's just phenomenal how (FBW) works,"
Smith said.
The Legacy 450 is part of Flexjet's Red
Label offering, which the company describes
as bridging the gap between traditional frac-
tional programs and whole-aircraft ownership,
"providing a premium level of comfort and
customization, giving fractional owners the
feeling that they are flying on their own plane."
Bjorkdahl said the company's jet use is
about evenly split between business and lei-
sure, depending on the region.
Flexjet is owned by Directional Aviation
Capital, other holdings of which include Flight
Options, Sentient Jet, Skyjet, Nextant Aero-
space, N1 Engines and Constant Aviation.
Flexjet says its business aircraft are some
of the youngest in the fractional-jet industry,
with an average age of about six years. n
