Ultimate Escapes Accepts Bids For Bulk Of Assets

By: Destination Club News
Date: October 19, 2010

Last week, Ultimate Escapes CRO Sheon Karol wrote to members stating that he predicted at least one bidder for the bankrupt destination club. Today, he confirmed that Ultimate Escapes did accept bids for "a number of assets" and that the bulk bid may allow members the ability to vacation to most of the club's homes.

Dear Ultimate Escapes Members,

I am delighted to inform you of the results of yesterday’s Auction. Subject to the necessary approvals, the Company accepted bids for a number of assets, including a bulk bid that may allow members to vacation in most of the homes to which you are accustomed to travel.

Details are being finalized and will be presented to the Court tomorrow at the sales hearing for approval. Soon thereafter, we, together with the successful bidder for the bulk properties, will be in touch with you regarding proposed membership benefits and future plans.

We believe this would be a very good result for members, and we look forward to being in touch soon.

We thank you again for your support. If you have questions, you may continue to submit questions via email to bankruptcy@ultimateescapes.com.

Thank you,

Sheon Karol
CRO

Tomorrow will mark the one month anniversary of Ultimate Escapes bankruptcy filing, a monumental black eye for the destination club industry. In that month, a number of notable clubs have looked at purchasing the club. Exclusive Resorts and Quintess both confirmed that they did not bid on the Ultimate Escapes assets, instead deciding on crafting custom offers for members of Ultimate Escapes. The Discovery Club and the recently launched Second Home Destinations have also had their eye on Ultimate Escapes members. With the sale, it appears that members may be able to continue travel with the club. We have heard rumors about the unknown buyer, and if true, it could present a unique option for Ultimate Escapes members, but details regarding any fee structures, annual dues, and others have not yet been revealed.

Check back frequently for more up to the minute news about Ultimate Escapes and the rest of the destination club industry.