Kagehitokiri2
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Recent Destination Club News
- Thread starter TarheelTraveler
- Start date
Kagehitokiri2
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Last edited:
Kagehitokiri2
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http://www.sherpareport.com/destination-clubs/sentient-ak-club-offer-0510.html
(10 nights plus $3K)
($3.5K)
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TarheelTraveler
newbie
Hideaways
http://www.fractionallife.com/news_...h_shangrila_hotels_and_etihad_airways1129.asp
"Members of The Hideaways Club now have access to exclusive rates at Shangri-La’s luxury hotels in Singapore, Hong Kong, Bangkok, Dubai and Abu Dhabi, as well as Penang and Kuala Lumpur in Malaysia. These hotels have been specifically selected as stop-over or twin centre destinations to the properties offered by The Hideaways Club. Benefits enjoyed by the members include special discounted rates for the Shangri-La’s Horizon Club rooms, which offer a higher level of accommodation, enhanced levels of service, Club Floor check-in and check-out, all day complimentary refreshments and a personal concierge.
As a result of a new partnership with Etihad Airways, members of The Hideaways Club will benefit from exclusive Etihad fares and services including private limousine transfers to Heathrow and Manchester airports, bespoke business class fares, use of spa facilities and fine dining options at airport lounges, and automatic entry to Etihad’s frequent flyer programme, Etihad Guest."
A&K Villas is now doing villa rentals in the U.S., using the part of the RC portfolio not owned by the member's club (i.e., the ones owned by A&K versus the 10 or 11 houses owned by the members). Rates and availability are available only upon request (presumably from the RC). Seems like a trial in another form.
http://www.breakingtravelnews.com/news/article/abercrombie-kent-villas-launches-the-americas/
http://www.gadling.com/2010/05/22/abercrombie-and-kent-five-cinema-cations-around-the-world/
"You may not have that look that Hollywood craves, but you still want to get close to the action, right? You want to touch the greatness that comes with being splashed across screens from coast to coast. Thanks to the latest concept from luxury travel company Abercrombie & Kent, you don't need talent. The latest "cinema-cation" packages send you to the locations where some of the hottest movies of the last year or so have been shot. There are enough options that you'll definitely find something to match your personal style.
1. Sex and the City 2
After seeing this movie opening night on May 27, 2010, dash off to Morocco. A&K Group Managing Director George Morgan-Grenville was actually over there while movie was being filmed at the Amanjena Hotel and in the Djema el-Fna Square souks. The interiors and pool scenes, he says, were shot at the soon-to-open Mandarin Oriental Jnan Rahma and Palmeraie over in the foothills of the Atlas Mountains. Suggests Morgan Grenvile: "Take a camel ride at sunset and spend the night under the stars in a Bedouin-style tented camp surrounded by the largest sand dunes in the world.""
http://www.fractionallife.com/news_...h_shangrila_hotels_and_etihad_airways1129.asp
"Members of The Hideaways Club now have access to exclusive rates at Shangri-La’s luxury hotels in Singapore, Hong Kong, Bangkok, Dubai and Abu Dhabi, as well as Penang and Kuala Lumpur in Malaysia. These hotels have been specifically selected as stop-over or twin centre destinations to the properties offered by The Hideaways Club. Benefits enjoyed by the members include special discounted rates for the Shangri-La’s Horizon Club rooms, which offer a higher level of accommodation, enhanced levels of service, Club Floor check-in and check-out, all day complimentary refreshments and a personal concierge.
As a result of a new partnership with Etihad Airways, members of The Hideaways Club will benefit from exclusive Etihad fares and services including private limousine transfers to Heathrow and Manchester airports, bespoke business class fares, use of spa facilities and fine dining options at airport lounges, and automatic entry to Etihad’s frequent flyer programme, Etihad Guest."
A&K Villas is now doing villa rentals in the U.S., using the part of the RC portfolio not owned by the member's club (i.e., the ones owned by A&K versus the 10 or 11 houses owned by the members). Rates and availability are available only upon request (presumably from the RC). Seems like a trial in another form.
http://www.breakingtravelnews.com/news/article/abercrombie-kent-villas-launches-the-americas/
http://www.gadling.com/2010/05/22/abercrombie-and-kent-five-cinema-cations-around-the-world/
"You may not have that look that Hollywood craves, but you still want to get close to the action, right? You want to touch the greatness that comes with being splashed across screens from coast to coast. Thanks to the latest concept from luxury travel company Abercrombie & Kent, you don't need talent. The latest "cinema-cation" packages send you to the locations where some of the hottest movies of the last year or so have been shot. There are enough options that you'll definitely find something to match your personal style.
1. Sex and the City 2
After seeing this movie opening night on May 27, 2010, dash off to Morocco. A&K Group Managing Director George Morgan-Grenville was actually over there while movie was being filmed at the Amanjena Hotel and in the Djema el-Fna Square souks. The interiors and pool scenes, he says, were shot at the soon-to-open Mandarin Oriental Jnan Rahma and Palmeraie over in the foothills of the Atlas Mountains. Suggests Morgan Grenvile: "Take a camel ride at sunset and spend the night under the stars in a Bedouin-style tented camp surrounded by the largest sand dunes in the world.""
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TarheelTraveler
newbie
Exclusive Resorts
ER's chairman Steve Case invests in internet wine website:
http://www.bizjournals.com/washington/stories/2010/05/24/daily24.html
"The AOL co-founder's Revolution LLC has taken a stake in San Francisco-based Vinfolio, an online resource that connects hard-to-find wines with buyers and sellers. Financial terms of Revolution’s investment weren’t disclosed."
...
Revolution, launched by Case in 2005, owns consumer health care company Revolution Health, credit card company Revolution Money, luxury resort and spa time-share company Exclusive Resorts and Zipcar."
ER's chairman Steve Case invests in internet wine website:
http://www.bizjournals.com/washington/stories/2010/05/24/daily24.html
"The AOL co-founder's Revolution LLC has taken a stake in San Francisco-based Vinfolio, an online resource that connects hard-to-find wines with buyers and sellers. Financial terms of Revolution’s investment weren’t disclosed."
...
Revolution, launched by Case in 2005, owns consumer health care company Revolution Health, credit card company Revolution Money, luxury resort and spa time-share company Exclusive Resorts and Zipcar."
TarheelTraveler
newbie
Fractional, timeshare, destination club research study
http://www.fraxfinder.com/archives/...-private-residence-and-destination-clubs.html
"The potential market for vacation homes, including full ownership and private residence and destination clubs, has declined substantially from 2007 levels, reflecting losses in net worth and a negative 12-month outlook for the economy and personal income among the wealthiest 10% of US households surveyed in March 2009 by The American Affluence Research Center.
...
Only 4.1% of the respondents indicated serious consideration of the acquisition of a wholly-owned second home during the next 12 months versus 9.8% in 2007. Intent to consider a time share or a private residence or destination club totals less than 1% and is essentially unchanged from 2007.
...For the destination club concept, familiarity is about 40% among the same 2 segments.
...
Among those indicating familiarity with the destination club concept, 82% did not name a brand with which they are familiar. As some brands/companies were named incorrectly, this indicates some confusion about the concept. Exclusive Resorts was the most frequently and correctly named brand, but by fewer than one in five of those naming a brand.
...
Among those indicating familiarity with the destination club concept, over half did check at least one of the listed brands as one they had heard of. This was a slight improvement over the 2007 survey. Those checking one or more brands averaged 1.6 brands, with Exclusive Resorts checked by almost two-thirds of the respondents. This is relatively consistent with Spring 2007 results. Ultimate Escapes did not have the recognition of its predecessor Private Escapes.
...
The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. They also reported declines in their net worth, as a result of substantial declines in the value of their primary home and their investments/savings during the past two years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in all areas.
The intentions to acquire a new vacation home are consistent with the overall mood of the affluent market. Over 80% of the survey respondents reported that they had made a general effort to reduce or defer expenditures during the past 12 months, would make a conscious effort to do so during the next 12 months, or had both done so in the past and would continue to do so in the future...."
http://www.fraxfinder.com/archives/...-private-residence-and-destination-clubs.html
"The potential market for vacation homes, including full ownership and private residence and destination clubs, has declined substantially from 2007 levels, reflecting losses in net worth and a negative 12-month outlook for the economy and personal income among the wealthiest 10% of US households surveyed in March 2009 by The American Affluence Research Center.
...
Only 4.1% of the respondents indicated serious consideration of the acquisition of a wholly-owned second home during the next 12 months versus 9.8% in 2007. Intent to consider a time share or a private residence or destination club totals less than 1% and is essentially unchanged from 2007.
...For the destination club concept, familiarity is about 40% among the same 2 segments.
...
Among those indicating familiarity with the destination club concept, 82% did not name a brand with which they are familiar. As some brands/companies were named incorrectly, this indicates some confusion about the concept. Exclusive Resorts was the most frequently and correctly named brand, but by fewer than one in five of those naming a brand.
...
Among those indicating familiarity with the destination club concept, over half did check at least one of the listed brands as one they had heard of. This was a slight improvement over the 2007 survey. Those checking one or more brands averaged 1.6 brands, with Exclusive Resorts checked by almost two-thirds of the respondents. This is relatively consistent with Spring 2007 results. Ultimate Escapes did not have the recognition of its predecessor Private Escapes.
...
The survey respondents indicated a negative 12 month outlook for business conditions and personal household income. They also reported declines in their net worth, as a result of substantial declines in the value of their primary home and their investments/savings during the past two years. Together, these factors have contributed to a general attitude toward reducing or deferring expenditures in all areas.
The intentions to acquire a new vacation home are consistent with the overall mood of the affluent market. Over 80% of the survey respondents reported that they had made a general effort to reduce or defer expenditures during the past 12 months, would make a conscious effort to do so during the next 12 months, or had both done so in the past and would continue to do so in the future...."
Kagehitokiri2
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at whatever their (low) net worth / income thresholds are.but still, no clue how to increase awareness. the DC model (exchange free) is a huge shift from timeshare/fractional.. OTOH, dont know how long it took for those to become well known.
guess its also largely related to the economy which then revealed that so many DC business models were a question of how big a "scam." OTOH, timeshare developer sales can be a ripoff too, in the vast majority of times being unrecoverable in resale...
sigh.
something ER members should inquire about (little dix is BVI)
http://www.elitetraveler.com/news_d...i-tourist-board-opens-vip-club-airport-lounge
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TarheelTraveler
newbie
http://www.ftnnews.com/content/view/9524/26/
"Banyan Tree Private Collection, Asia's first asset-backed destination club offering perpetual and transferable membership, announced the addition of two new spectacular "Own Villa "inclusions
- a three-bedroom jet pool villa at the Banyan Tree Lijiang, China; and a two-bedroom pool villa at the Banyan Tree Phuket - further expanding its current portfolio of luxury properties worldwide.
At Banyan Tree Lijiang, the three-bedroom jet pool villa is set in picturesque Yunnan, where the majestic Jade Dragon Snow Mountain is a sacred sanctuary which has protected the ethnic minorities and their unique cultures since ancient times. The villa reflects the rich fabric of this locale through the design and furnishings.
Bordered by the golden sands and gentle waves of the Andaman Sea, Banyan Tree Phuket is an oasis of peace and tranquility. An award-winning tropical paradise of extraordinary natural beauty, this exotic hideaway boasts only the finest facilities and ambience...."
"Banyan Tree Private Collection, Asia's first asset-backed destination club offering perpetual and transferable membership, announced the addition of two new spectacular "Own Villa "inclusions
- a three-bedroom jet pool villa at the Banyan Tree Lijiang, China; and a two-bedroom pool villa at the Banyan Tree Phuket - further expanding its current portfolio of luxury properties worldwide.
At Banyan Tree Lijiang, the three-bedroom jet pool villa is set in picturesque Yunnan, where the majestic Jade Dragon Snow Mountain is a sacred sanctuary which has protected the ethnic minorities and their unique cultures since ancient times. The villa reflects the rich fabric of this locale through the design and furnishings.
Bordered by the golden sands and gentle waves of the Andaman Sea, Banyan Tree Phuket is an oasis of peace and tranquility. An award-winning tropical paradise of extraordinary natural beauty, this exotic hideaway boasts only the finest facilities and ambience...."
UnhappyInCT
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Can anyone figure out what is going on with the recently filed securities offering by UE?
As far as I can tell this generates no new cash for the club, but does allow JT to cash out a chunk of his common stock. As usual, he is taking care of #1
Can anyone figure out what is going on with the recently filed securities offering by UE?
As far as I can tell this generates no new cash for the club, but does allow JT to cash out a chunk of his common stock. As usual, he is taking care of #1
And you are taking care of who first? No crap, JT, RK and the rest are taking care of #1. By the way so am I, I am traveling as much as I can! As UE winds down, I will ride the UE donkey until the end and then we all lose the money we gave them.
Thanks for another worthless post, just like the UE stock, that JT is selling!
If you look in the mirror that is a L on your forehead, not a wrinkle.:hysterical:
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TarheelTraveler
newbie
Phoenix Club
Phoenix Club prepares to launch
http://www.destinationclubnews.com/News_The_Phoenix_Club_Prepares_To_Launch.php
"...We have spoken with the club and have learned that they have already received "positive responses" from over 200 former High Country Club members and will begin accepting members upon launch. At that time, The Phoenix Club will also begin reaching out to non-High Country Club members...."
Phoenix Club prepares to launch
http://www.destinationclubnews.com/News_The_Phoenix_Club_Prepares_To_Launch.php
"...We have spoken with the club and have learned that they have already received "positive responses" from over 200 former High Country Club members and will begin accepting members upon launch. At that time, The Phoenix Club will also begin reaching out to non-High Country Club members...."
TarheelTraveler
newbie
M Private Residences
Interesting article on M Private Residences:
http://www.sherpareport.com/destination-clubs/lower-prices-free-travel-m-private-0610.html
...M Private owns 17 homes around the world with an average value of about Can$2m each. The 145 members of this equity destination club are also the shareholders of the company which both owns and manages the homes.
Share Price Lower
The club has beeen lowering its share prices for two to three years, largely reflecting the drop in the real estate market. At one stage, three years ago, the 60 nights a year "C" shares were C$485,000 and after this latest change are now down to C$295,000. These share prices are the amounts that members pay to join this equity destination club. Michele Beitel, VP Sales and Marketing at M Private, said the share price now reflects the net asset value in the club.
Annual Dues Same
M Private has held its annual dues steady since November 2008. These dues fully cover the clubs ongoing maintenance and operating expenses. New members to M Private can currently enjoy an annual dues holiday for their first 6 months of membership - effectively giving them free travel for these 6 months...
In a complete first for the destination club sector, M Private now allows members to sell their shares to anyone. For instance members could literally put an ad in the paper to sell their shares. Members of other destination clubs are required to have the club sell their membership or shares for them."
Interesting article on M Private Residences:
http://www.sherpareport.com/destination-clubs/lower-prices-free-travel-m-private-0610.html
...M Private owns 17 homes around the world with an average value of about Can$2m each. The 145 members of this equity destination club are also the shareholders of the company which both owns and manages the homes.
Share Price Lower
The club has beeen lowering its share prices for two to three years, largely reflecting the drop in the real estate market. At one stage, three years ago, the 60 nights a year "C" shares were C$485,000 and after this latest change are now down to C$295,000. These share prices are the amounts that members pay to join this equity destination club. Michele Beitel, VP Sales and Marketing at M Private, said the share price now reflects the net asset value in the club.
Annual Dues Same
M Private has held its annual dues steady since November 2008. These dues fully cover the clubs ongoing maintenance and operating expenses. New members to M Private can currently enjoy an annual dues holiday for their first 6 months of membership - effectively giving them free travel for these 6 months...
In a complete first for the destination club sector, M Private now allows members to sell their shares to anyone. For instance members could literally put an ad in the paper to sell their shares. Members of other destination clubs are required to have the club sell their membership or shares for them."
Kagehitokiri2
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biggest news - unlimited complimentary
also interesting
180k > 147.5k
275k > 225k
360k > 295k
(-18%)
also interesting
180k > 147.5k
275k > 225k
360k > 295k
(-18%)
Last edited:
Kagehitokiri2
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travelguy
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It's like pawning your investment portfolio for a vacation!
Nothing better than leveraging up the vacation portfolio.
Kagehitokiri2
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TarheelTraveler
newbie
http://www.travolution.co.uk/articl...er-the-return-of-conspicuous-consumption.html
Interesting comments from Geoff Kent about A&K's Residence Club and travel business in general:
"...Its CEO Geoffrey Kent was in fine form at the recent WTTC summit in Beijing, noting that "business is surprisingly vibrant" with revenues up 20% over the last few months.
Obviously some lines of business are doing better than others. According to Mr Kent his European Villa business is up a staggering 50% as wealthier clients look to book what he describes as a proper inter-generational holiday.
This chimes with my own experience - travellers want a quality place to visit where they can bring the kids and the grandparents and still get some good service without being stuck in a hotel.
The underlying story here is, I would suggest, a redefinition of the accommodation and hospitality model away from the standardised experience to something much more bespoke.
Business also seems to be booming in three other fascinating segments - occupancy on Abercrombie and Kent's brand new Antarctic cruises is close to 95%-98% at the moment, reminding us that wealthy travellers will pay for a unique experience that reconnects with wilderness and nature in a non-intrusive way.
Business also remains strong in luxury safaris and camps where travellers get "out and about" and have personal experiences that range from a one-on-one guided tour through to micro-lighting over the Victoria Falls.
Crucially, Abercrombie and Kent is experiencing rapid growth in demand from wealthy travellers in the BRIC countries. Kent suggested that even planning for 20% capacity from countries such as Brazil and China is not going to be enough.
Demand for his companies new Yangtze cruises is booming, even with locals, and the Indian market is apparently lapping up luxury European villas.
Business is also brisk in new markets such as Syria and Lebanon as well as slightly more established destinations such as the Galapagos Islands. In fact all the places you'd expect to see featured in the FT Weekend How to Spend It magazine.
Yet it was one last throwaway comment from Kent that I think gave the biggest insight into future luxury travel trends. Discussing the brand's new Destination Club, he suggested that the most exciting aspect of the service is the Global Experiences Manager.
The role is akin to the holistic financial planner or private wealth banker. The advisor works with the client over the long term to figure out a range of experiences.
It may be European villas while the kids are young but then Antarctic Cruises once the kids have flown the nest - holiday choices change over time and with personal experiences.
The key insight here is that many consumers are confused by the world of choice and want experts to help them navigate their complex life journey.
What they need is an expert who can sit down with them and give them great advice and offer exclusive access to products.
This is of course exactly what our trusty local travel agent should be doing (and in some cases has been doing, with great success).
But I'd suggest that too many travel agents, like investment based IFA's or wealth advisers, have been captured by channel and product push. Too much time is spent funnelling product down the line whilst appearing to cater for the consumers' special needs.
Channel has trumped personal attention in the value relationship. What Abercrombie and Kent's model is suggesting is that high end customers will pay for proper, holistic planning where the consumers’ interests are paramount...."
Interesting comments from Geoff Kent about A&K's Residence Club and travel business in general:
"...Its CEO Geoffrey Kent was in fine form at the recent WTTC summit in Beijing, noting that "business is surprisingly vibrant" with revenues up 20% over the last few months.
Obviously some lines of business are doing better than others. According to Mr Kent his European Villa business is up a staggering 50% as wealthier clients look to book what he describes as a proper inter-generational holiday.
This chimes with my own experience - travellers want a quality place to visit where they can bring the kids and the grandparents and still get some good service without being stuck in a hotel.
The underlying story here is, I would suggest, a redefinition of the accommodation and hospitality model away from the standardised experience to something much more bespoke.
Business also seems to be booming in three other fascinating segments - occupancy on Abercrombie and Kent's brand new Antarctic cruises is close to 95%-98% at the moment, reminding us that wealthy travellers will pay for a unique experience that reconnects with wilderness and nature in a non-intrusive way.
Business also remains strong in luxury safaris and camps where travellers get "out and about" and have personal experiences that range from a one-on-one guided tour through to micro-lighting over the Victoria Falls.
Crucially, Abercrombie and Kent is experiencing rapid growth in demand from wealthy travellers in the BRIC countries. Kent suggested that even planning for 20% capacity from countries such as Brazil and China is not going to be enough.
Demand for his companies new Yangtze cruises is booming, even with locals, and the Indian market is apparently lapping up luxury European villas.
Business is also brisk in new markets such as Syria and Lebanon as well as slightly more established destinations such as the Galapagos Islands. In fact all the places you'd expect to see featured in the FT Weekend How to Spend It magazine.
Yet it was one last throwaway comment from Kent that I think gave the biggest insight into future luxury travel trends. Discussing the brand's new Destination Club, he suggested that the most exciting aspect of the service is the Global Experiences Manager.
The role is akin to the holistic financial planner or private wealth banker. The advisor works with the client over the long term to figure out a range of experiences.
It may be European villas while the kids are young but then Antarctic Cruises once the kids have flown the nest - holiday choices change over time and with personal experiences.
The key insight here is that many consumers are confused by the world of choice and want experts to help them navigate their complex life journey.
What they need is an expert who can sit down with them and give them great advice and offer exclusive access to products.
This is of course exactly what our trusty local travel agent should be doing (and in some cases has been doing, with great success).
But I'd suggest that too many travel agents, like investment based IFA's or wealth advisers, have been captured by channel and product push. Too much time is spent funnelling product down the line whilst appearing to cater for the consumers' special needs.
Channel has trumped personal attention in the value relationship. What Abercrombie and Kent's model is suggesting is that high end customers will pay for proper, holistic planning where the consumers’ interests are paramount...."
TarheelTraveler
newbie
Ultimate Escapes
http://www.sec.gov/Archives/edgar/data/1402364/000114420410032786/v187930_rw.htm
Ultimate Escapes has officially withdrawn its registration from earlier this year (January 15) for the potential public offering for its stock.
http://www.sec.gov/Archives/edgar/data/1402364/000114420410032786/v187930_rw.htm
Ultimate Escapes has officially withdrawn its registration from earlier this year (January 15) for the potential public offering for its stock.
UnhappyInCT
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I think this was an administrative formality so that the Jan 15 filing could be shut down to allow for the implementation of the recent filing made on June 4.
Ultimate Escapes June 4 S-1
Here is the June 4 filing:
http://www.sec.gov/Archives/edgar/data/1402364/000114420410031992/v187261_s1.htm
It does not appear to result in any cash being raised by the company, it just registers shares to be issued on conversion of warrants and the preferred stock held by JT
There is an amortization payment of $10.3 million due to CapitalSource on June 30. The loan was amended on April 19, 2010 with this amortization payment due, so CapitalSource won't be too happy or flexible if there is a default 75 days later.
Any word of how UE will pay that or whether they have been able to buy another extension? They only had $4.7 million in cash as of 3/31, of which $2.9 million was restricted (Capital Source requires an interest reserve). There is no discussion in the S-1 as to how the June 30 amortization payment is to be made or any arrangements to extend the due date.
The revenue discussion on page 29 discloses that the increases in annual dues and membership fees in 2010 vs. 2009 are due to the fact that the Private Escapes merger only closed in Sept (so they did not recognize/consolidate the PE numbers in 2009). So they did not sell any new memberships.
Revenue in Q1'10 was $7.3 million, opex was $11 million, interest expense was $3 million, with a total net loss of $6.5 million. $2.2 million of expense was depreciation and amortization, which is non-cash but eventually properties need to be maintained. This is not a stable business.
$2.75 million of properties were sold in Q1'10.
JT was paid salary of $316,000 in 2009, Richard Keith $335,000 and Phil Callaghan $261,000. Oct 29, 2009 JT entered into an employment agreement providing for a new salary of $450,000 with an annual 10% increase, minimum bonus of 10% up to 100%, $25,000 car allowance, and essentially promises a 1-year severance payment if terminated. RK's new salary is $375,000, and Callaghan's is also $375,000. Nice to see management demonstrating leadership in managing costs to the employees and members to get the club through tight times.
The auditors have a qualified opinion "raise substantial doubt about the Company’s ability to continue as a going concern"
Here is the June 4 filing:
http://www.sec.gov/Archives/edgar/data/1402364/000114420410031992/v187261_s1.htm
It does not appear to result in any cash being raised by the company, it just registers shares to be issued on conversion of warrants and the preferred stock held by JT
There is an amortization payment of $10.3 million due to CapitalSource on June 30. The loan was amended on April 19, 2010 with this amortization payment due, so CapitalSource won't be too happy or flexible if there is a default 75 days later.
Any word of how UE will pay that or whether they have been able to buy another extension? They only had $4.7 million in cash as of 3/31, of which $2.9 million was restricted (Capital Source requires an interest reserve). There is no discussion in the S-1 as to how the June 30 amortization payment is to be made or any arrangements to extend the due date.
The revenue discussion on page 29 discloses that the increases in annual dues and membership fees in 2010 vs. 2009 are due to the fact that the Private Escapes merger only closed in Sept (so they did not recognize/consolidate the PE numbers in 2009). So they did not sell any new memberships.
Revenue in Q1'10 was $7.3 million, opex was $11 million, interest expense was $3 million, with a total net loss of $6.5 million. $2.2 million of expense was depreciation and amortization, which is non-cash but eventually properties need to be maintained. This is not a stable business.
$2.75 million of properties were sold in Q1'10.
JT was paid salary of $316,000 in 2009, Richard Keith $335,000 and Phil Callaghan $261,000. Oct 29, 2009 JT entered into an employment agreement providing for a new salary of $450,000 with an annual 10% increase, minimum bonus of 10% up to 100%, $25,000 car allowance, and essentially promises a 1-year severance payment if terminated. RK's new salary is $375,000, and Callaghan's is also $375,000. Nice to see management demonstrating leadership in managing costs to the employees and members to get the club through tight times.
The auditors have a qualified opinion "raise substantial doubt about the Company’s ability to continue as a going concern"
Kagehitokiri2
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at least one non-recurring so far this year >
done via "dues" so you cant break it out
hope theyre able to sell those other properties theyve got listed
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If they raised the $5 million before the end of March, it is already counted in the 3/31 balance sheet, and won't help with the 6/30 amortization payment. They may have used some of it to pay a fee to CapitalSource for the 4/19 loan amendment.
If JT wasn't able to sell properties, the well may be dry for making the 6/30 payment.
Kagehitokiri2
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http://www.sherpareport.com/destination-clubs/destination-club-turks-caicos-0610.html
AK is only club to have villa in turks & caicos
they dropped the 2nd one?
speaking of turks & caicos
http://www.parrotcay.como.bz/villa-ownership-
updated with expansion offerings
$2.25MM per acre for beachfront lots
$5MM 2BR beach house
$10MM 3BR villa on 1.5 acres
http://www.amanyaravillas.com/#/villa_plans
also updated, seems to be down to 3
AK is only club to have villa in turks & caicos
they dropped the 2nd one?
speaking of turks & caicos
http://www.parrotcay.como.bz/villa-ownership-
updated with expansion offerings
$2.25MM per acre for beachfront lots
$5MM 2BR beach house
$10MM 3BR villa on 1.5 acres
http://www.amanyaravillas.com/#/villa_plans
also updated, seems to be down to 3
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TarheelTraveler
newbie
http://www.sherpareport.com/destination-clubs/destination-club-turks-caicos-0610.html
AK is only club to have villa in turks & caicos
they dropped the 2nd one?
speaking of turks & caicos
http://www.parrotcay.como.bz/villa-ownership-
updated with expansion offerings
$2.25MM per acre for beachfront lots
$5MM 2BR beach house
$10MM 3BR villa on 1.5 acres
http://www.amanyaravillas.com/#/villa_plans
also updated, seems to be down to 3
AK dropped the villa next door that was leased with an option to buy. They kept the one they designed, with the exercise facility, and purchased. Basically rationale was one of two villas was usually booked at any one time, but rarely both. With demand picking up, it wouldn't surprise me if, however, they revisited this down the road or perhaps they'd try to add another Caribbean destination instead. Based on member call, New York and Florida are destinations to be worked on next.
The Aman villas are very cool. Thanks for the link. From what I understand, the downside for a lot of folks is the remoteness of their location. We've thought about going out there for dinner a few times, but didn't want to make the trek.
NeilGoBlue
newbie
I think it's worth the trek at least to check it out and have dinner..