Botiga derived their name from an archaic dialect of French for boutique. Planning to launch their portfolio of properties to members by winter of 2008, the club jumped out to a strong start after years of careful planning.
Utilizing an equity based model where members own the shares in the registered property investment company that owns the club's assets, members also enjoy the benefits of the real estate's appreciation. "We have been planning this for over three years," said Botiga's Co-Founder Kit Harrison. "It is important to us that our members get what they want. Botiga is a club owned by its members for its members. So early on we started listening to potential members and began to implement their ideals for the ultimate vacation experience. As Europeans, our primary clientele has a distinct style, language and philosophy. The mindset is very much focused on members owning equity in the club, thereby benefiting from any increase in value of the properties over time."
The equity model afforded the club a great deal of success as the club approached it goal of 20 founding members by June of 2008. Just a few short months later, the old adage "timing is everything" proved accurate.
In December of 2008, as property costs began to plummet, the club put out a statement that they would delay their portfolio launch until later in 2009.
"With property prices continuing to soften, members have requested that Botiga delays the launch of the portfolio in order to take advantage of what they feel will be better pricing in 2009, and therefore maximise their returns.
"The club has supported this move.
"It is expected that properties will be secured in Spring 2009, to be available for member use for Autumn 2009.
"Membership sales continue to be strong and only a limited number of Founder Memberships remain available. Founder Members benefit from the lowest share price and two years of holidays with the club dues free. In addition, Founder Members pay no performance fee, allowing them to benefit from 100% of the growth in their share price."
Botiga remains active and is still eyeing a 2009 reintroduction to the destination club industry.
To learn more about Botiga, please visit any of the club's quick links found to the right or please request a free copy of our Destination Club Guide.
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