Quintess Passes The 500 Member Plateau
By: Destination Club News
Date: August 26, 2009
In a market environment that has forced several established destination clubs to file for bankruptcy and countless other start-up clubs to reevaluate their launch, Quintess, The Leading Residences of the World has been able to continue to grow their luxury destination club by offering attractive membership pricing options and capitalizing on market conditions within the destination club industry to pass the 500 member mark, released in the club's mid-year update to members.
Over the course of 2009, Quintess has had nearly 70 new membership sales and upgrades to reach their new lofty level with sales still picking up in recent months.
This success can be partially attributed to a new deferred pricing membership option that allows new members to join by paying 25% of their total payments when joining.
Joining the alluring membership pricing options, Quintess was also able to capitalize on the bankruptcy of one of their leading competitors, The LUSSO Collection. Emphasizing their "boutique" club offering LUSSO Collection became one of the leading players in the club with a 100% refundable membership deposit, unlimited annual travel, and demonstrated high service levels. By the end of 2008, LUSSO filed for bankruptcy and many of their club members joined with Quintess to continue their destination club experience.
Also disclosed in the club's mid-year report was an update on their financial position. "Financial strength during this challenging economic environment has allowed us to enhance our position as the leading destination club in availability, home quality and service," said Quintess President Greg Eure.
In recent months, Quintess opened properties in La Quinta, California to members and acquired two homes in Aspen, Colorado for the upcoming ski season.
While far from scientific, adding properties and members are strong indications of a club's current strength. With a multi-year contractual equity commitment of $210 million through 2016 and a financial model that is not reliant upon new membership sales, Quintess is aiming to continue this momentum into the coming year.
Congratulations to Quintess on this notable achievement that only three other destination clubs have ever achieved.