One Key World
Unlike the other destination clubs in operation when One Key World launched, the young club did not charge either a membership deposit nor annual dues per se to be a part of their club. Rather, members purchased pre-paid travel cards used to access the club's amenities.
Offered in 15, 25, and 45 "One Key Night" packages, members could travel as they wished with no expiration dates on their nights, taking a page from their Founder's previous firm, Marquis Jet, who sold jet time.
One Key World would operate on a points based system where the selected property and season would affect the number of nights required for a stay.
"Now the annual family winter trip to a highly coveted destination like Cabo San Lucas for a week may cost ten One Key Nights, while a four-night getaway to New York City for a couple during the fall may only cost three One Key Nights," said Founder Jay Sapovits.
15 Day Membership
The introductory membership package, members were given roughly 15 nights of access to the One Key World portfolio of properties. When the club launched, the 15 Day Membership was available for $34,900 but would increase to $39,900 towards the end of 2008.
25 Day Membership
For $59,900, members received roughly 25 nights of access to use at their leisure. When One Key launched, the 25 Day Plan was available for $49,900.
45 Day Membership
Following a similar progression, the 45 Day Membership increased their prices $15,000 in 2008, bringing the total price to $99,900.
All three memberships allowed members the opportunity to add additional nights to the card as they wished. If a member exhausted their card, they could simply leave the club.
Unfortunately, just as the club reached its 100th reservation, it was announced that One Key would close. In January of 2009, it was released that "One Key has ceased its operations and is conducting an orderly wind down of its business. Like many other businesses and individuals, One Key was subject to a once-in-a-lifetime economic crisis that has left few untouched."
Several other destination clubs have adopted philosophies similar to One Key World regarding pricing, and for select clients, it can be a very interesting value proposition. For others, a more traditional model is likely the better answer.
If you would like to learn more about the various business models used throughout the destination club industry and to receive a list of suggested due diligence questions that should be asked when evaluating a club, request a free copy of our Destination Club Guide.