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Recent Destination Club News

ClubsRDead

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AK is offering some pretty decent join in prices for settlement conversions. They told us that we have to be part of the settlement group (they are actually confirming a lot of personal data) and have given us a deadline to enroll. You have to call or fill out a form and spend a lot of time with them as nothing is really posted or being sent out (presumably due to the legal issues). I suspect AK is subsidizing the difference, not the club itself. We'll probably join after first of the year considering there are no real other options out there making any financial sense. Biggest question is how aggressive they will be in adding club properties and where at.
 

AKTHUE

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I'm finding AK's approach to members of the A&K/T&H settlement group to be inconvenient and cumbersome at a minimum, and it is making me wary of receiving either a hard sell or another bait and switch or unsustainable offer.

First I received a signature required overnight express mailing to the address which all of my T&H communications have gone as well as the A&K settlement. I figured this might be the offer, but all that was in the overnight mailing was an expensive envelope with a card that had a code number and asked me to go to a website to get an exclusive offer. At the website I entered my name and the code number. That took me to a form to fill out my contact details - including the same address to which A&K had just sent me the package. But when I completed it all it said was that someone would be calling me.

It feels strange and wasteful and inefficient. Just show me the offer. People who want to do everything verbally and over the phone make me feel that they don't want anything in writing - so there's no record. What's so mysterious that they couldn't mail it to me or present it to me on a website? Something feels like it is not right.

At this point I have no idea what the A&K offer is to members of the settlement group. If they were worried about confidentiality, they could have included a non disclosure agreement in the mailing to send back, but that wasn't there. Just weird.
 

NeilGoBlue

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AK is offering some pretty decent join in prices for settlement conversions. They told us that we have to be part of the settlement group (they are actually confirming a lot of personal data) and have given us a deadline to enroll. You have to call or fill out a form and spend a lot of time with them as nothing is really posted or being sent out (presumably due to the legal issues). I suspect AK is subsidizing the difference, not the club itself. We'll probably join after first of the year considering there are no real other options out there making any financial sense. Biggest question is how aggressive they will be in adding club properties and where at.

We'd love to have you on board. I know I'm preaching to the choir, but AK will only add properties as people join.. It's kind of the nature of the beast. AK needs the new members equity to buy the new properties (hence 'equity club'). I have no idea of how many members settled with AK regarding the TH lawsuit, do you? (I don't know if it's 20 or 400)

But if 20-40 new members joined from the settlement, we'd get several new houses.

The only other way to get new houses is to lease a few or for AK to buy in anticipation of future demand. Both have happened. But I don't see AK really buying in advance, unless they really see an uptick in demand for club memberships...

Demand for memberships is up, but it's not 'explosive' enough yet to get AK to jump out with their own money in advance and buy 10 3MM homes)
 

NeilGoBlue

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I'm finding AK's approach to members of the A&K/T&H settlement group to be inconvenient and cumbersome at a minimum, and it is making me wary of receiving either a hard sell or another bait and switch or unsustainable offer.

First I received a signature required overnight express mailing to the address which all of my T&H communications have gone as well as the A&K settlement. I figured this might be the offer, but all that was in the overnight mailing was an expensive envelope with a card that had a code number and asked me to go to a website to get an exclusive offer. At the website I entered my name and the code number. That took me to a form to fill out my contact details - including the same address to which A&K had just sent me the package. But when I completed it all it said was that someone would be calling me.

It feels strange and wasteful and inefficient. Just show me the offer. People who want to do everything verbally and over the phone make me feel that they don't want anything in writing - so there's no record. What's so mysterious that they couldn't mail it to me or present it to me on a website? Something feels like it is not right.

At this point I have no idea what the A&K offer is to members of the settlement group. If they were worried about confidentiality, they could have included a non disclosure agreement in the mailing to send back, but that wasn't there. Just weird.

I have no insight whatsoever into the lawsuit and settlement talks... but based on my experience with AK, the following WON'T happen:

Bait and switch
Hard Sell
Unsustainable offer
 

Kagehitokiri2

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only ways AK could be more conservative >

1. dump non trust properties
2. reduce 5% debt cap to 0% (potential issue only in loong term)

they have a reserve built into dues, which is more conservative than EE for example, which builds it into deposits.

i think one can say a cap (all fund style, and supposedly Q) is a conservative decision, but OTOH they pretty much all involve changes when full. so one could also say that choosing not to have changes built into the model is a conservative decision.
 
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Very strange, and very un-A&K like. This from the club with a video tutorial on holiday drawings when it's really pretty darn simple or a 15 or 20 page PDF on the Ritz-Carlton exchange.

I'm willing to bet that the lawsuit settlement limited how A&K could communicate with class members. Probably explains why you have to sign up for communications. Also, they may not have that much information on each member (it was Quintess that bought the mailing list and member info). Just a guess, but wouldn't be surprised at all given that it is totally contrary to their m.o.
 

ClubsRDead

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I'm happy with how they spoke to me, the expedience in which they actually got back to me and follow up and the candor of the offer and details presented. Considering our settlement dollars appear to be all over the board (ie, dollars received by individual) I don't know how they'd publish something that was a "one size fits all." I was told some details would be forthcoming and for now will await that to review. They were very clear in confirming my information so I suspect confidentiality and the terms of the settlement are the reasons for them handing it this way. Also seems apparent, and makes sense, that they don't want nor can take everyone. They presented several target dates which affect the offer and pricing. We shall see.
 
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ER

This seems to be pretty significant news for the industry. Brent Handler is no longer with ER and has started his own company.

"Members pay a one-time initiation fee, currently priced at $9,500, to access the Inspirato portfolio. They then pay a variable per night cost based on the properties they visit and a $2,500 annual renewal fee for every year they remain with the club. Unlike the more traditional destination club model where properties are owned by the club, Inspirato leases properties for multi-year terms. The per night market rates for the properties are dynamic, determined by how far in advance the residence is reserved, travel dates, and the length of the stay. On average, Inspirato properties will be available for roughly $1,000 per night but with some value season rates at just a few hundred dollars."

http://www.destinationclubnews.com/...Resorts_Founder_Brent_Handler_at_the_Helm.php

From Andre Agassi's Foundation website, for which he's on the advisory board:
http://www.agassifoundation.org/exclusive-resorts/

"Brent Handler founded Exclusive Resorts with his brother and a friend in 2002, offering families the comfort and privacy of a home in the world's most desirable locations, along with the services and amenities found in five-star resorts. Under Handler's leadership, Exclusive Resorts has become widely recognized as the market leader of the new luxury destination club industry. In 2003, he attracted the investment of AOL co-founder Steve Case, who presently serves as the company's chairman and is its largest shareholder.

A Colorado native, Handler graduated from the University of Colorado-Boulder with a bachelor's degree in business. He lives in the Denver area with his wife and three children."

So what's the skinny on his departure (and some others) from ER?

Seems to me that the trend in the industry is either equity ownership models or lease no ownership models. It's interesting that a founder of the world's largest non-equity club is starting up a new club that will not be a non-equity club.
 
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New Susan Kime article on Luxist regarding Inspirato:

http://www.luxist.com/2011/01/06/in...ion-club-designed-by-brent-handler/#continued

I didn't realize that Brent Handler had left ER that long ago. Still interesting that 3 ER execs. left to start Inspirato, as well as a few more that are doing various other clubs or travel companies.

The Inspirato website doesn't have a lot of info. on it, but I will say it is a nice looking website. It runs circles around those other new lease model DCs. Also, their ad linked in the Luxist article is really good. It includes some of the best themes that we've seen in the ER marketing over the years.

I frankly like this lease model better than the other ones that I have seen, because they've got longer term leases on the properties for a little more portfolio stability and at least some standardized amenities. Nonetheless, playing the devil's advocate, I do wonder whether people will pay a membership fee to access a leased portfolio. Also, what happens if they don't get enough members to pay for all of those leases? What happens when lease rates start to turn around and actually start reflecting the cost of the capital invested in the houses? Finally, it's nice that members don't have any specific time commitments, but for some that flexibility will mean less vacations and also more members will likely be needed to fill the houses to pay for the leases. I for one go on a heck of a lot more vacations because I plan out the next 1-12 months and utilize all of my days every year. In any event, it's an interesting model.
 

3DH

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Also, their ad linked in the Luxist article is really good. It includes some of the best themes that we've seen in the ER marketing over the years.

The themes may have been good, but the piano music and crude drawings bored me to the point that I didn't even finish watching it! I would have preferred to see more photos and perhaps REAL families -- what a concept! :rolleyes:
 

3DH

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Lifestyle asset group

Got email from them asking if I wished to stay informed...

Video linked in email shows Richard Keith, among others, who were apparently with Private Eacapes & they are based in Fort Collins. Plan looks much like EE, with date set (for them, 7 years) for selling off the properties. Can't ID any of the specific homes, perhaps some of you might. Website is: www.lifestyleassetgroup.com
 
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I guess that explains the narratives in the recent filed billings for the various UE advisors: discussions regarding behavior and actions of Rich Keith, drafting of cease and desist letter to Rich Keith, etc.

The billings also mention Mike Shelton inquiring about a UE member group and document requests from Rich Keith, Jim Tousignant, Steve Healy and Quintess.

Are there any UE members who would even consider joining a destination club that was set up by folks who ran their bankrupt club? Seems like you've got to have some chutzpah to start a new club on the heels of the prior one going under. 3DH - where do you think they got your email address from?
 

Kagehitokiri2

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1. RK, much more than JT, had all sorts of family enrichment (holding loans, salaries, etc)

2. re charleston property >
http://img43.imageshack.us/img43/1451/picture1eu.png
http://maps.google.com/maps?f=q&sou...H-cYdrgSS9J759xOwBtWw&cbp=12,261.18,,0,-19.77
http://www.postandcourier.com/news/2008/apr/25/briefly38521/
the club will stop offering accommodations at the Smith Street location by June 2 and the city will dismiss pending fines for zoning violations.

i find it nearly impossible to take this seriously, but

points
regional clubs (2 initial - east & west) with exchange
10-12 residences per region (2 initial plus 8-10)
says no debt, but is that all the time, or at a certain point? 4 initial residences are donated? how does that work?
doesnt specifically say no leases either.

not having pricing information online seems to be a solidly established trend now. ah, now i get it. if you use points, then you simply dont put property point values online, and can say anything you want about potential use. sigh.
 
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3DH

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3DH - where do you think they got your email address from?

I have absolutely NO idea, unless it was as a result of UE purchasing the DC Forums -- did they get the database of members as a result??? :ponder:

points
regional clubs (2 initial - east & west) with exchange
10-12 residences per region (2 initial plus 8-10)
says no debt, but is that all the time, or at a certain point? 4 initial residences are donated? how does that work?
doesnt specifically say no leases either.

not having pricing information online seems to be a solidly established trend now. ah, now i get it. if you use points, then you simply dont put property point values online, and can say anything you want about potential use. sigh.

Hmmm... looks like someone was listening to PerryM -- isn't that right in line with his mantra?
 
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Buon Viaggio

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Wow, I think that's the best looking house of any of the clubs in HI. Beware the weather, though. It's almost as rainy as Kauai on that end of Maui.
I would love to know how much that house cost.
 
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Very nice new Maui property. Definitely looks like one of the better Hawaii properties across all DCs.

Question, however. Linked email says - "We are pleased to announce the additions of four new residences which we have purchased, located in Costa Rica, Paris, Scottsdale, AZ and Maui."

But then the website also says the Paris residence is through reciprocity and is not listed under "our residences." Which is correct?

Also, I thought certain members had contributed time in their residences in exchange for receiving time in other residences in the portfolio (as opposed to outright purchase). For some reason, I thought Hawaii was one of them.

3DH - So which of the houses are member contributions for specific periods of time as opposed to contributions to the portfolio or purchases by the portfolio? Also, do you have any trips scheduled for Anguilla? That house looks great.
 
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In looking at some of the UE bankruptcy filings, it is a shame how much value was lost due to that bankruptcy. What a terrible result for the UE members and other creditors. They filed to abandon a TPC golf club membership in Princeton, NJ, 145 office chairs, 53 large filing cabines, 42 cubicles, 2 conf. rm. tables, 35 desks, etc. Sold for $1,600 576 sheets of linens, 2 sofas, 10 pieces of artwork, china, etc.
 

3DH

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Also, I thought certain members had contributed time in their residences in exchange for receiving time in other residences in the portfolio (as opposed to outright purchase). For some reason, I thought Hawaii was one of them.

3DH - So which of the houses are member contributions for specific periods of time as opposed to contributions to the portfolio or purchases by the portfolio? Also, do you have any trips scheduled for Anguilla? That house looks great.

I am unaware of any people that have put homes in "exchange"... :confused: hence, cannot answer your next question.

Yes, upcoming trip to Anguilla already on the books!
 
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