Annual Letter: Club Accomplishments in 2007 and Plans for the Year Ahead.
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Annual Letter: Club Accomplishments in 2007 and Plans for the Year Ahead.
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2008-04-18
Quintess, The Leading Residences of the World covered substantial ground in 2007, maintaining our undisputed position at the forefront of the luxury destination club industry. Our membership grew significantly thanks to the continual support of our referring Members. The Club portfolio swelled with additional properties and new destinations. We listened to Member feedback on services, amenities and partnerships and worked to meet and exceed the expectations they set for us. And the Club was awarded one of the “Best of the Best” luxury destination clubs by Robb Report magazine, for the second consecutive year.
Quintess, LRW had an exceptional year in 2007 delivering on the following key milestones:
* Ended 2007 with 436 Members, 87 homes open for reservation in 32 exclusive destinations. When considering Full Time Equivalent Members, we maintained a sub-five Member-to-home ratio, which is consistently the best in the industry.
* Delivered an additional 38 spectacular homes in Member’s top choice destinations, including Aspen, Colorado (1); Deer Valley, Utah (4); Tuscany, Italy (1); Napa Valley, California (2); Florence, Italy (2); Los Cabos, Mexico (16); Santa Barbara, California (2); and more.
* Led the industry by delivering on our commitment of financial transparency by conducting our quarterly big-4 audited verification of over 100 percent in Member deposit coverage.
* Closed Future Fund I, a $125 million in financing for new home development. This allowed the Club to commence development of Cielos Palmillas, our watershed enclave located within the world renowned One&Only Palmilla resort. In all, Future Fund I enabled the Club to start 24 developments in 2007, increasing our total portfolio size to more than $300 million with an average value per home exceeding $4.3 million.
* Executed the Harris survey and rolled out our action plan to address each of the topics discussed. One example of which is the Home Improvement Plan. We focused our efforts to deliver the highest quality home and set standards to that effect, which included the Home Technology Plan to outfit each home with computers and to produce a Home Book for each property.
* Reorganized our membership plans to be more easily utilized by your entire family and more easily compared to other destination clubs, emphasizing once again that Quintess, LRW is the clear choice. We also realigned the Member & Travel Advisor Team into Regional Teams working closely with your Membership Director.
* Created Platinum Circle as a way of thanking the Members who actively referred Quintess, LRW to others. We appreciate Member effort to grow their Club and want the program to provide the little extras that make membership so rewarding.
* Redesigned the Club website and produced cobranded marketing materials. The website is now more user-friendly with features such as Wish List, more interactive with featured destination videos and expanded photo galleries, and more communal with Members Year in the Club testimonials.
Despite challenges in general market conditions in 2008, the Club has already achieved 2 remarkable goals during the first quarter on the way towards another blockbuster year:
* Secured a $210 million equity investment in the Club allowing us to take advantage of the opportunities created by a weak economy and a soft real estate market. Once again the Club is leading the industry with the largest infusion of capital announced to date for a luxury destination club. This capital will be used for investment in real estate opportunities and business development including mergers and acquisitions. This funding is a cornerstone of the Company’s ten-year financing strategy and positions Quintess, LRW as a dominant, long-term player in the destination club industry.
* Announced our second enclave, The Quintess, LRW Villas at Molasses Reef, on the island of West Caicos in the Caribbean’s Turks & Caicos. This development with Gencom provides our Members with initially five homes in early 2010 and an option to open up to five more based on feedback and interest. These luxury beachfront homes include more than 5,000 square feet of living space and offer extensive services provided by the Ritz-Carlton and our own Quintess, LRW welcome center staff. We are excited about this new relationship with Gencom and expect this development to be the first of several with them around the world.
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