Quintess, The Leading Residences of the World’s parent company, Club Holdings, LLC, recently completed the largest equity investment announced to date in the Destination Club industry for $210 million USD.
BROOMFIELD, Colo. (April 10, 2008) – Luxury destination club, Quintess, The Leading Residences of the World (LRW), announced today that its parent company, Club Holdings, LLC, received a commitment for $210 million in equity from an undisclosed Forbes 400 investor. The transaction is the largest infusion of capital announced to date for a luxury destination club, and is a cornerstone of the Company’s ten-year financing strategy.
“Consumers considering membership in a destination club are looking not just for exceptional quality of homes and services but for a club’s financial strength and security,” said CEO Pete Estler. “This funding positions Quintess, LRW as a dominant, long-term player in the luxury destination club market.”
“There are exceptional opportunities to develop and acquire luxury real estate in the world’s finest destinations on very favorable terms,” said Estler. “Our goal is to develop the largest portfolio of luxury homes in the world with home assets in the multi-billion dollar range over a ten year period.”
The $210 million capital commitment will be used for the development of new businesses, corporate mergers and acquisitions, and for real estate development projects that further enhance the Club’s current $300 million dollar portfolio of private homes around the globe.
Last spring Club Holdings announced Quintess Future Fund 1 which provided $125 million specifically for the development of new homes for the Club’s portfolio. The new capital commitment provides the Company with the capital required to grow its business domestically and globally, invest in new sales and marketing initiatives, and to explore strategic initiatives in new business development and mergers and acquisitions.
About Quintess, The Leading Residences of the World
Quintess, The Leading Residences of the World is a luxury destination club that creates highly personalized vacation experiences for its members. Quintess, LRW provides its members with access to 70+ multimillion-dollar residences in 30 international resort and city destinations, including Aspen, Los Cabos, Florence, Hawaii, Jackson Hole, London, Napa Valley, New York City, Paris and Tuscany, among countless others. As part of Quintess, LRW’s strategic partnership with The Leading Hotels of the World, Ltd., the club now offers Q Leading Experiences at select member hotels of The Leading Hotels of the World around the globe. With 425+ members, the club’s member-to-home ratio is below six-to-one—one of the lowest in the industry. The company remains committed to financial transparency and full disclosure to its members and continues the practice of providing its members with third party audited financial statements. For more information, visit www.quintess.com.