Ultimate Escapes To Report On First Quarter of 2010

By: Destination Club News
Date: May 10, 2010

Less than a month after reporting on their fourth quarter, Ultimate Escapes has scheduled a conference call with investors and analysts at 4:30 PM Eastern on Thursday, May 13, 2010 to report on the first quarter of 2010.

Ultimate Escapes is not only the world's second largest destination club in terms of members, but also the world's first publicly-traded destination club. Trading on the OTC Bulletin Board, shares of ULEI are trading at $1.85 as of press time. Members of the club have access to hundreds of vacation properties around the world by paying a membership fee less than the cost of the down payment on a single vacation home. If a member elects to leave the club, they receive 80% of the then present value of their membership, allowing for the possibility of a member receiving all or even more than they originally contributed when they joined. Like a country club, members pay annual dues to cover the club's operational expenses and receive between 14 and 60 nights of annual club usage depending on the membership plan selected.

With the financial and real estate markets in turmoil, 2009 was a trying year for the entire destination club sector, including Ultimate Escapes. In January of last year, the club charged members a one-time special assessment of approximately $12 million to make sure the club wouldn't face a similar fate of The LUSSO Collection, High Country Club, or Solstice Collection, all who filed for bankruptcy during the recession. Despite the poor year for the industry, Ultimate Escapes President and CEO Jim Tousignant said that he was "really pleased" with the club during their conference call last month.

"Back in September, we completed the acquisition of Private Escapes, which at the time was the third largest destination club in the world," said Tousignant. "Through that acquisition we added 49 new club residences, 18 new club destinations, 49 new club properties, and over 350 new club members, thus greatly strengthening the position in the destination club industry for Ultimate Escapes. At the end of October of 2009, the company also consummated the business combination of Ultimate Escapes Holdings and Secure America Acquisition Corporation, thereby making us a public entity and also the only pure play public luxury destination club in the world. Both sides to that transaction worked diligently to complete the transaction, and as of the end of 2009, we are today the largest luxury destination club as measured by the number of club destinations and a strong number two in the world as measured by number of club members."

We will listen into the call later this week and report back on the remarks by the club's executives. Check back frequently for more news on Ultimate Escapes and the rest of the destination club industry.