Co-founded by Chad Morse and Tim Wolff, Parallel joined the ultra-luxury destination club segment when they entered the industry in 2005. Offering members access to portfolio of $4.5 million homes, the club largely focused on the financial stability of their club model.
According to the club website, 100% of the membership deposit was us for "club development - not to fund management profit or cover shortfalls in operations like many of its competitors." An "open book" policy was available to both members and prospects. Audited by one of the Big Four accounting firms, Parallel members could get breakdowns on how membership deposits were used and were assured that annual dues covered the club's operating expense.
Early in 2006, Parallel partnered with Andrew Harper who was making his second foray into the destination club industry. In late 2006, Harper was attached to The Odyssey Club, a club about ready to enter the destination club space before quickly being acquired by Exclusive Resorts. "What impresses me most about Parallel is its passion to overcome the inherent weaknesses of currently established clubs," wrote Harper. "Visionary Founders Chad Morse and Tim Wolff recognize the importance of providing distinctive and consistently higher-quality homes in coveted destinations preferred by sophisticated travelers. Like me, they also realize it doesn't end with a grand portfolio of elegant residences. In order for club members to feel right at home, their vacation experience needs to be enhanced by a superior level of personalized and obliging 24/7 concierge-style service while in residence."
Wolff was introduced to Graham Kos, Co-Founder of Solstice Collection, Parallel's primary competitor at the ultra-luxury price point, through a mutual friend in early 2006. Realizing that neither could ever dominate the space, the two began discussions on joining the two clubs together. In November of 2006, the formal merger was announced.
Parallel's website immediately transitioned to "Parallel and Solstice, the two most significant and industry-defining brands in elegant second home alternative living, have joined together to create the singular leader atop the ultra-luxury segment of the destination club industry."
The new collected Solstice included a vast array of destination club executives:
Chad Morse: Founder and CEO
Graham Kos: Founder
Tim Wolff: Founder
Jeffrey Scult: Founder and Managing Director, Membership Alliances
Mark Cibik: Managing Director, Membership
Mark Cain: Managing Director, Marketing
Michael Ducamp: Managing Director, Hospitality
In May of 2008, Kos and an unnamed outside investor purchased a controlling interest in Solstice and took over the role of CEO. Wolff and Morse stepped down from their management positions but remained members of the club.
In March of 2009, Solstice voluntarily petitioned for Chapter 11 bankruptcy, estimating assets of $1 million to $10 million and liabilities of $10 million to $50 million. Since the filing, the club has continued to to seek out a way to continue operations but the fate of the club and its members are still undetermined.
To learn more about Parallel, please visit any of the club's quick links found to the right or request a free copy of our Destination Club Guide.
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