Legacy Destinations
Properties
Legacy Destinations took a unique perspective on the creation of their destination club, identifying what they saw as an opportunity to improve upon the model.
"Most second home properties go underutilized for the majority of the year. Their owners have trouble finding the requisite time to not only use their property, but also to maintain their home to top standards. Many feel guilt when they go on vacation to somewhere other than their second home since they do not feel they are getting the most out of their investment. For third and fourth homeowners, these challenges become magnified. Income from renting the property can be inconsistent, and renters do not often maintain the property as an owner would. Some second homeowners use their property quite a bit, but they often grow tired of having the same vacation experience. They want to expand their horizons to see new and exciting places with their friends and families, but are conflicted because they do not want to sell their second home. These homeowners desire new experiences and additional services beyond what their single destination second home can offer."
"Legacy Destinations is forming partnerships with existing homeowners and developers to add properties for a luxury vacation home inventory. Participating homeowners and developers are entitled to a dues free membership, nightly usage fees, and additional benefits in exchange for use of their property by other Legacy Destinations members."
Legacy Destinations targeted properties in the $4 million price range and it appears that it had two interested parties at launch who made their properties available to the club.
The club also planned on acquiring properties in St. Barts, Barbados, Costa Rica, and Cabo San Lucas.
This type of model does have many unique benefits to the club, including drastically reduced operational costs as the club does not have to pay for the properties. On the other hand, with properties not controlled by the club, the travel experience can change from property to property with little standardization across the portfolio.
To more thoroughly understand the various destination club models used throughout the sector, request a free copy of our Destination Club Guide, which we hope can help you find the destination club that is most aligned with your travel needs.
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