Private Escapes Launches Pinnacle

By: Destination Club News
Date: August 21, 2006

Private Escapes launched as the first and only affordable destination club. They then became the first destination club to give members a return on their investment through club credits with the introduction of their Platinum Club. Now just a few years after their launch, Private Escapes has combined elements of their first two clubs into the creation of their most elite club: Private Escapes Pinnacle.

"We have felt from the very origin of Private Escapes Destination Clubs that every member has unique interests, needs and resources, and that we should offer a choice to determine what is best for their individual circumstances," said Richard Keith, President and CEO of Private Escapes. "With the addition of Private Escapes Pinnacle, we offer the industry’s only multi-option portfolio where both existing and new members can choose exactly the right club level for them. This has been our plan since the company launched, and we’re thrilled to bring this option to the market."

The aptly named Private Escapes Pinnacle will be the most exclusive club in the Private Escapes family, giving members access to a collection of $3 million properties and a list of additional benefits. Pinnacle properties will come stocked with iHome clock radios and iPod docking stations, Bang & Olufsen electronics, multiple XBox 360 systems, Peacock Alley linens, Christofle flatware, Riedel glassware, espresso machines, L'Occitane bath products and more.

Pinnacle launches with over $15 million in resort real estate, including a penthouse on the 25th floor in 1600 Broadway in New York City, a historic mansion in Charleston, an urban penthouse in Chicago, the Caleton Estates in the Dominican Republic, a mountain home in Deer Valley, and an ideally situated property in Cabo del Sol. Until six properties are available for travel, Pinnacle members will enjoy 14 nights of reciprocity to properties in the Premiere and Platinum club residences.

"Our goal for Private Escapes Pinnacle, quite simply, is to create a sense of dread in leaving the residence, as members become so completely content in the setting — that is how we will measure ourselves and the real estate acquired," Keith would continue. "These marquis properties, which we know members will fall in love with, are ideally located in many of the world’s finest resort destinations and some off the beaten path as well."

Members will pay a fully refundable membership deposit of $350,000 to join with accompanying annual dues of $22,000 and nightly fees of $185. Some of these club fees will be able to be offset by the club's unique club credit program, adopted from the Platinum level. Each year, the club will distribute 10% of the property appreciation on a pro-rata basis to eligible members. Credits can be used to offset annual dues, nightly fees, green fees, or other activities arranged through the club.

The $3 million home value will put Pinnacle against Exclusive Resorts, the world's largest destination club. The new club will continue to provide the same Private Escapes service that members of all club levels have come to expect over the past several years. "Our team treats members not as No. 1,773, but as individuals with specific requests and desires, thus Private Escapes Destination Clubs is able to offer something other larger clubs lost several years ago: an intimate club environment where personal service exceeds member expectations," said Ed Powers, the club's Executive Vice President of Operations. "We know your name and who you are and we anticipate your unique needs and wishes."

Several members of Private Escapes Premiere and Private Escapes Platinum have already upgraded to the new Pinnacle level, but the real test will be how will new members evaluate destination club membership as the sector continues to suffer the fallout of last month's Tanner & Haley bankruptcy announcement.

If you are considering destination club membership and would like to learn more about the benefits and risks of joining, request a free copy of our Destination Club Guide for an insider's perspective into the destination club model.