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Recent Destination Club News

hope the cops got em! i mean really, who wears green uniforms? quite suspect.

oh, the joys of hyperlitigiousness. seriously though, was there a pattern?

http://destinationclubnews.com/News_Demeure_Prepares_For_Ultimate_Escapes_Transition_Webinar.php
For months, Ultimate Escapes members have largely been kept in the dark. In June, the club was unable to make their monthly interest payment to lender CapitalSource, putting them in default of their loan agreement. The same happened in July. Then August. And September. Despite the dire financial position of the world's second largest destination club, members wouldn't be updated until September when President and CEO Jim Tousignant announced "We are in crisis."
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http://www.fractionallife.com/news_...nsors_spears_wealth_management_awards1309.asp

"Property investment Fund and destination club The Hideaways Club is the headline sponsor of this years’ Spear’s Wealth Management Awards.

The event - described as the Oscars of the private banking world - will be held at the Saatchi Gallery in the Kings Road, London on November 22nd and will be hosted by CNBC’s Ross Westgate and Spear’s Editor-In-Chief William Cash.

The awards, given to the most deserving innovative companies and individuals, will be attended by 500 of today’s most successful, influential and wealthy individuals from high finance, private banks, law firms and society."
...
"The Hideaways Club chairman Mike Balfour OBE is a keynote speaker at the Shared Ownership Fractional Sumit Middle East in Abu Dhabi on November 24."
 
Quintess

http://destinationclubnews.com/News_Quintess_Posts_Successful_Sales_Month_in_October.php


"...During the course of 2010, the club has grown via 30 membership transactions, inclusive of new members and upgrades. This growth can primarily be attributed to the club's existing members, where nearly 90% have referred friends and colleagues to Quintess...."

"...We design and operate all of our clubs, so that the members' dues cover all the operating costs of the club," said Ben Addoms, Co-Founder of Quintess. "A number of destination clubs were built from the beginning with the idea of very low annual dues and that companies would make money by investing in real estate and retaining the gains, implied or actual, when the homes were sold. To be sustainable, a club has to have dues that cover operational expenses. Today, Quintess member dues cover all the operating costs of the company, DUO member dues will cover all the operating costs of the company, and Tour Club member dues will cover all the operating costs of the company...."

Is he saying this includes Quintess previously or is he saying other clubs did this?

http://destinationclubnews.com/News...o_New_Residences_in_Snowmass_and_Anguilla.php


"...The three bedroom, three bath ski-in/ski-out property in the heart of Snowmass base village includes a wrap around outdoor living are and outdoor sound and overhead heating elements. Capable of sleeping up to eight guests, the second floor unit includes two king master suites and one bunk room...."

"Four more properties are slated to be added to the club's portfolio in the coming months, including Paris, France; Scottsdale, Arizona; Costa Rica; and a six bedroom home in Kapalua in Maui, Hawaii that Capes identified as one of the best properties in the destination club industry when we spoke with him today...."
 
99% sure Q members if not Q themselves said forbes 400 investor pays interest. which i presume is why they focus on "operating" costs in that quote. kind of hard to "operate" without real estate. :)
 
canouan

Sci Frog: you been to Canouan? I'm going soon. flights were actually easier than i thought via charter. Any tips?

I was shocked, the resort charges 1800 for 1 br ocean view suite a night--makes Q house seem like a real bargain.
 
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You fly through Barbados?

No real tips except make sure you don't forget anything on the grocery list, things can take a few days to get. I have not been there since the Raffles is gone, so not sure what changed. Jennifer was both time an amazing help, they cam organize wonderful private dinners at the house.

Are you staying at villa 20 or 17? You might also want to chichi the other two villas Q wants to get. Last make sure you drive to the top of the golf course for the sunset!

Last the catamaran trip to Tobago is really worth it IMHO.
 
SciFrog said:
You fly through Barbados?

No real tips except make sure you don't forget anything on the grocery list, things can take a few days to get. I have not been there since the Raffles is gone, so not sure what changed. Jennifer was both time an amazing help, they cam organize wonderful private dinners at the house.

Are you staying at villa 20 or 17? You might also want to chichi the other two villas Q wants to get. Last make sure you drive to the top of the golf course for the sunset!

Last the catamaran trip to Tobago is really worth it IMHO.
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Flying through st. lucia on way in and barbados on way back. Q people seem to think it is hard to get to, but i have direct flights to st. lucia and back from barbados via jetblue. then svi for last little jump. total flight cost from nyc to canouan is 1300 per person. not cheap, but for peak holiday week (xmas) seems fine to me and no waiting between flights, so travel time is like 5 hours 20 min.

Staying in Villa 20, thanks for tobago tip, checking into charters for that. Not sure how resort has changed but boy it's expensive. they have similar villas to Q's listed at 11,250 a night for the same week I go. So i pay 8400 for the week no tax, for something that costs others 78K + 20% tax and service...whew) Even the base oceanview suites are 2700 a night. We got lucky as someone cxl'd for xmas a few weeks ago and due to difficulty of flights no one on wish lists wanted it, so we grabbed it. Tip to others: pay up a few grand for flights when the home is worth nearly $100,000 for the week So, i guess maybe i Don't need a Q holiday plan after all :)

Kage: not sure if can get meal plan. on the one hand we stock the home with food so we don't have to eat out all the time (i.e. leave kids with mom while we eat out), on the other, there seem to be no restaurants of value to go to so meal plan prob a good idea. in the queue of questions to ask concierge. Floor plan is 4500 sq feet, 3 br home + 1 br cottage (like balliceaux villas by looks of it)
 
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The food was much better than typical resort food, you might be surprised. Prices however are typical, especially for wine. Canouan is quite unique. We always have had a quiet yet wonderful time. You can get the catamaran charter right from the hotel, but being holidays, I would book it now. Canouan very private and exclusive.
 
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so they are the 4BR. max value = $13,200 per nt. :cool:
(some of the 3BR have similar layout with detached 4th BR.)

butler, chef, meal plan, alcohol = $1,000 > $2,500 more per nt
(meal plans worth $980 for 8 adults)

...

http://en.wikipedia.org/wiki/Canouan_Airport
>
barbados http://en.wikipedia.org/wiki/Grantley_Adams_International_Airport (ATL, CHL, DFW, JFK, MIA)
grenada http://en.wikipedia.org/wiki/Maurice_Bishop_International_Airport (JFK, MIA)

big news >
19th November 2010...The new equal partnership has been formed and will embrace the CRD Group and IIU (International Investment and Underwriting), a company founded by Dermot Desmond. Mr. Desmond is Chairman of, and a significant investor in, Sandy Lane Hotel, Barbados.

...$100m invested in the island over the next 3 years to include the building of a new boutique ultra-luxury hotel within the 1,200 acres of The Grenadines Estate and the commencement of the Glossy Bay Marina on the southern part of Canouan...
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mainly big talk, like demeure.

but presumably Q, rather than ER.
1. Q did a UE deal, ER didnt
2. Q has 3 clubs now
3. Q has that investor covering interest
4. Q is much smaller than ER
 
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don't be so sure-

Sure Q will lose it's Sugar Daddy and have to start covering their own losses, but no Club is immune from the 10% churn. That means if they are not selling at least 10% of their total membership # each and every year, they are just growing their resignation liability.

The bigger they are, the harder they will fall....
 
will be interesting to see. i would say things become very simple with no debt, no leases, 1:1 resign. the issue with 1:1 resign is when there are different levels of membership ... of course id also say nonrefundable (fund or perpetual with surprise dividend).
 
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http://www.destinationclubnews.com/News_The_Discovery_Club_Creates_Special_Trial_Offer.php

I get the no deposit lease model, and I get the equity purchase vacation assets model, but I never could understand this club's model. Why would I pay a deposit for this? If the club's not buying real estate, wouldn't I be better off investing my money (rather than some club I've never heard of) and using the earnings from my account to subsidize these hotel stays?

I realize that the trial membership doesn't require a deposit, but their normal membership does which is the part that I don't get.
 
It sounds as though the AK settlement is done and we should be receiving an offer of some sort soon. Anyone have any details? Based on the poor results that Demeure is obviously facing, the reality that a very small number have jumped on the Q bandwagon and considering that ER's resignation list is a mile long, AK might not just be our best option, but also our only one.
 
ClubsRDead said:
It sounds as though the AK settlement is done and we should be receiving an offer of some sort soon. Anyone have any details?
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If you were a participant in the A&K lawsuit you should already have received your settlement papers.
 
ClubsRDead said:
It sounds as though the AK settlement is done and we should be receiving an offer of some sort soon. Anyone have any details? Based on the poor results that Demeure is obviously facing, the reality that a very small number have jumped on the Q bandwagon and considering that ER's resignation list is a mile long, AK might not just be our best option, but also our only one.
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While that offer might be a good one (I am not part of the suit and know nothing about the offer) I do know that at least a dozen UE members have decided to join Equity Estates. For us it has been a great way to continue to have wonderful family vacations.
 
I can certainly echo NGB's sentiments on A&K.

The fee request for CRG is posted. I skimmed it, but some interesting tidbits and it does show the timeline for various negotiations and ideas (may be interesting for UE members and DC hobbyists like myself).

http://www.bmcgroup.com/restructuring/DocView.aspx?ClientID=255&DocNumber=474&CaseNo=1-10-bk-12915

Looks like the parties most interested in UE were:

Diamond Resorts (this is the timeshare operator out of Las Vegas) - looked pretty serious early on with an offer on the table and negotiations
Demeure obviously
Mike Shelton (UE member and maybe the Fortress contact based on prior comments) - looked serious as well
Member owned club potentially managed by Bluegreen
Global Leisure Partners
Tavistock - asset sale
Waters Winery

Other interest, but not as much contact with CRG for what its worth based on my skim of the narrative (mostly just an inquiry or two again based on the skim):

RICH KEITH
EE - for certain assets
Cross Harbor
Tower 3
Resilience Capital
Apollo
Club Holdings/Quintess

Obviously companies are not always identified and I definitely don't know all of the players involved in the saga, so take this with a grain of salt.
 
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filing

did BK approve all of these charges--beyond the time and attendees its interesting to see D. Htsu's rental car charges over $100/day often times--what is he driving on our expense? Also note a couple apparently nice dinners and expensive travel to/from KC. Its nice that someone gets some benefits out of this--not us. Also interesting the # of hours charged per working day by a few of these guys. I always heard that BK charges run up pretty large hours and we are seeing it here (every minute thinking about us I would imagine).
 
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