Demeure Closes On Select Assets From Ultimate Escapes Estate

By: Destination Club News
Date: November 29, 2010

Following the Thanksgiving holiday, Demeure is scheduled to formally announce later today that they have completed the acquisition of choice assets from the now bankrupt Ultimate Escapes and will be resuming full operations on December 4, 2010.

Demeure now owns 11 former Ultimate Escapes residences and could own up to 15 as the club is waiting for four additional properties to clear title. The rest of the former Ultimate Escapes property portfolio is available for lease to Demeure, and the final list of homes will be released in the middle of December. "There are a handful of properties that are going back to CapitalSource," Peter Schwartz, Demeure's Founder, told us. "These homes are the ones that classically have low popularity and high operating costs or are in destinations where we can get comparable properties for lower rates."

Earlier this month, Demeure waived select closing conditions on the acquisition of these Ultimate Escapes residences, paving the way for today's announcement. Demeure has since laid out their upcoming timeline, beginning with bringing all of the Ultimate Escapes members with homes they wish to contribute to the club set up in the Demeure system. The firm commitment deadline for Ultimate Escapes members transitioning to Demeure concludes at the end of the week.

It has been a busy month for Demeure since being selected the winning bidder for Ultimate Escapes. While the unique exchange based club has been in the works for three years, they are a relatively new name in the destination club sector, an industry dominated by branded players such as Exclusive Resorts, Ritz-Carlton Destination Club, and Abercrombie & Kent Residence Club. Demeure has spent the past month not only working on the behind the scenes acquisition of Ultimate Escapes, but also outlining their unique usage model and the club itself to potential members.

Check back frequently for more up to the minute news about Demeure and the rest of the destination club industry at Destination Club News.