Ownership Restructuring At Solstice Collection As Graham Kos and Outside Investors Purchase Controlling Interest In The Club

By: Destination Club News
Date: May 15, 2008

Founder Graham Kos and a group of outside investors have purchased a controlling interesting in The Solstice Collection from the founding investors of Parallel, the club that Solstice merged with late in 2006.

Kos will now serve as the club's CEO and President and Acting CEO and President Timothy Weller will leave the club. "We want to thank Tim for his leadership over the past year in completing the merger integration and broadly improving our operating processes, service standards, and financial transparency," said Kos. "He also led a team that drove a quantum leap in the rate of membership sales with over $20 million of new deposits in the second half of 2007."

Following the Solstice Collection and Parallel merger, the combined club moved forward primarily with a collection of the Parallel executives, including:

  • Chad Morse - Founder and Chief Executive Officer
  • Tim Wolff - Founder
  • Mark Cibik - Managing Director, Membership
  • Mark Cain - Managing Director, Marketing
  • Michel Ducamp - Managing Director, Hospitality

The only two Solstice executives to be listed when the merger was announced was Kos and Jeffrey Scult, the club's Founder and Managing Director of Membership & Alliances. Wolff, who has been serving as Chairman of the Board, will also leave the club, but will continue as a member. "The merger of Solstice and Parallel came at a perfect time for both companies, and the critical mass achieved created great momentum for the new Solstice, culminating in winning every major industry award in 2007. While I am retiring from an active Board role, I will continue to enjoy Solstice as a member. I want to thank Chad Morse, my co-founder in Parallel and the CEO of Parallel and the combined Solstice through May 2007. We wish Graham and the Solstice team well."

"The vision of Solstice has not changed," continued Kos. "With our core membership service and home acquisition teams still in place following the restructuring, Solstice members will continue to see positive changes in the high level of service and great access to a growing portfolio of the finest homes around the world."

Let's hope that the restructured destination club can continue the growth that Weller and Wolff put into place since 2006.

If you are interested in learning more about The Solstice Collection or the destination club industry, request a free copy of our Destination Club Guide.