Paragon Destinations Outlines Key Dates

By: Destination Club News
Date: March 8, 2009

Late in January, High Country Club, once one of the destination club industry's fastest growing and most popular clubs, announced their Chapter 7 bankruptcy filing, ending months of restructuring by the ailing club. With hundreds of members left by the wayside, many of the sector's largest clubs have made substantial offers to the members of High Country Club, including Distinctive Holiday Homes and Ultimate Escapes, but these former members also have another option a little closer to home.

Paragon Destinations, created by former High Country Club member Jason Bindra, announced the pending launch of their new club labeled as "a destination club of the members, for the members by a High Country Club member."

"As a member who lost my deposit, I personally know what the term 'security of deposit' means," writes Bindra. "The core premise of the club is to put the needs of members first. In the future, the club plans to be a 'pseudo equity' club that is designed to carry low/no debt."

To begin, Paragon Destinations will be composed of leased properties of the former High Country Club so members won't be required to pay an up-front membership deposit. In time, the club will evolve to more closely resemble that of a more traditional destination club with a refundable membership deposit on par with competitors, but from day one, Paragon Destinations strives to be cash flow positive.

Members will be able to select between 7, 14, 21, and 28 night membership plans ranging from $3,500 to $5,000 in initiation fees. Annual dues for the four respective plans with begin at $3,250.

For those who were not a part of High Country Club but still like the Paragon Destinations value proposition, they will pay a refundable membership deposit to join and annual dues equal to the former HCC members. Blending the resignation policies of Quintess, The Leading Residences of the World and the Abercrombie & Kent Residence Club, these members will be able to redeem 80% of their membership deposit for the first three years of membership, 80% of the current market value of their membership up to 100% of their total deposit in year four, and 80% of the current value with no cap in years five and beyond.

Not able to move forward until the High Country Club bankruptcy is further down the line, Paragon Destinations has set up a tentative schedule.

  • X: Critical mass achieved in interest parties.
  • X + 1 Day: Contracts mailed to interested parties.
  • X + 15 Days: Contracts returned with 100% of Initiation amount due.
  • X + 16 Days: Finalized property list based on number of members.
  • X + 30 Days: 50% of annual dues paid with remaining dues paid six months later.
  • X + 45 Days: Online reservation system becomes active.
  • X + 60 Days: Paragon properties become available for usage.

As these critical dates approach, check back frequently to learn more about the final fate of High Country Club and the future of Paragon Destinations.