Quintess, The Leading Residences of the World, Now More Than 500 Members, Has Demonstrated Strong Growth and Financial Stability in This Economic Environment
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Quintess, The Leading Residences of the World, Now More Than 500 Members, Has Demonstrated Strong Growth and Financial Stability in This Economic Environment
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-08-27
Quintess, The Leading Residences of the World (LRW)(quintess.com) issued its mid-year update to members, highlighting that building on its financial strength, it now has more than 500 members and continues to grow, add homes, and be a pioneer in the destination club industry.
Despite the overall economic climate and some contraction in the destination club industry, Quintess, LRW grew significantly in the first half of 2009. Coming into the year, Quintess, LRW had a strong financial foundation in place with a multi-year contractual equity commitment of $210 million through 2016, along with the Club’s revised annual dues and fees structure that was approved by an overwhelming majority vote of membership in Q4, 2008. This financial structure allows the Club to sustain itself without requiring the capital from new membership sales. Quintess, LRW offers best-in-class home quality and home availability, and the most flexible use policies in the industry. Combined with the Club’s financial strength, this has resulted in nearly 70 new memberships and upgrades year to date, with sales accelerating in recent months. Quintess, LRW now offers deferred payment pricing starting at just 25% of total payments paid upfront and a conversion membership structure for new members who are leaving other clubs.
“Financial strength during this challenging economic environment has allowed us to enhance our position as the leading destination club in availability, home quality and service,” said Greg Eure, President of Quintess, LRW.
This summer the Club has announced real estate growth within its portfolio while some other destination clubs continue to draw back. In June, Quintess, LRW opened for reservation its second home in La Quinta, California, a prime leisure destination geared toward golf. In July, the Club added two homes in Aspen, Colorado at Aspen Highlands, offering its members access to ski amenities and privileges at the adjacent Ritz-Carlton resort. Now, with four homes in Aspen, Quintess, LRW can offer an enclave environment providing members with outstanding services and the choice of two slope-side properties, a mountain house retreat or a central downtown location.
Quintess, LRW is optimistic about the future of the destination club industry as interest in alternatives to second home ownership is growing. Quintess, LRW’s parent, Club Holdings, LLC, is in advanced stages of a new club development with a globally-recognized partner. With this development, Quintess, LRW expects to be able to make available to its members the ultimate level of access to the most comprehensive leisure experiences at the most exclusive resort destinations around the world.
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