My Stones Collection Outlines 2009 Goals

By: Destination Club News
Date: May 11, 2009

France's first destination club, My Stones Collection and Co-Founder David Monroe was kind enough to sit down with us and help us learn of the club's plans for the rest of 2009 and additional information about the young club, their structure, and executives.

Still in their founding membership phase, the club is currently offering reduced prices to members that join before November and are eager to outline the unique benefits of their new offering.

Destination Club News: About halfway through Quarter 2 of 2009, what does My Stones Collection have planned for the rest of the year? Sales goals? New properties?

Monroe: We will add four to five new properties shortly thus bringing the total portfolio to nine. I recall that we launched sales mid-February and expect to achieve 30 founding members by the end of year.

Destination Club News: How does a member exit the club and could you please provide additional information about your secured exit where 10% of the invested amount goes into a financial reserve?

Monroe: We have an equity based club and 80% of the membership is invested in a REIT, the remaining 20% being the joining fee. In the REIT, 90% of the funds are invested in Real Estate and 10% remain in financial assets. Exit is possible from the end of the third year. Exit is guaranteed by the articles of incorporation of the fund: every 10 members registered on an exit list, one property will be sold to create the needed liquidity. Two exit windows will be opened each year and thus ensuring a maximum of 6 months delay before exit is made possible.

Destination Club News: Annual dues aren't required for members who aren't traveling. How does the club cover its overhead?

Monroe: Annual dues are required as a general rule for every member.

Nevertheless members may request to have a one year leave if they do not expect to use the properties for one year. In that case, they will not pay their annual dues and will not be credited their usage points which are then offered for an additional fee to other members wishing to extend their usage rights.

Destination Club News: Who are the Founders and what is their background?

Monroe: Founders are David Monroe and François d’Hauthuille, two former executives from Club Med with an extensive back ground in real-estate and hotel development.

Our managing team will be re-inforced with two new executives with sales & marketing background due to join within 2 months.

Destination Club News: How did My Stones get its name?

Monroe: Purely by chance! We liked the idea of combining the reference to real-estate to a reference to jewelry. Every property is to become a unique gem in our collection.

Destination Club News: Give us a final snapshot of My Stones Collection moving forward.

Monroe: My Stones is the first equity destination club based in France with a goal to become the first destination club in continental Europe, planning to extend sales in 2010 from France to Switzerland, Belgium and the UK.

My Stones’ goal is to provide its members with a blend of French inspired art of living with an opportunity to invest in a secured and diversified portfolio of prime properties. My Stones will choose old stones such as manors, mansions and castles and will add a bunch of services thus combining the best of secondary homes, hospitality and high-end rentals.