Signature Destinations
Back in early 2006, the Luxury Institute conducted a survey over 400 of America's ultra-wealthy with a minimum gross annual household income exceeding $200,000 and net worth over $5 million. The survey looked to identify the destination club with the best reputation. Edging out clubs like Exclusive Resorts, Private Escapes, and Tanner & Haley, Signature Destinations was rated highest.
Based in Kirkland, Washington, Signature Destinations found a niche in the highly competitve destination club industry by focusing on a seemingly miniscule policy that most destination clubs had in their membership documents: regional distribution. When Private Retreats launched in 1998, the club had a policy that each region would only accept a predetermined number of members from that area based on current real estate holdings. Signature looked to spin this model and focus their club on regionality, allowing members the opportunity to get to their properties via a short drive rather than being forced to jump on a plane for each vacation.
The brainchild of Chad Stevens and Brian Helm, Signature Destinations was launched in November of 2004. The club began with a focus on the Pacific Northwest, with each of the club's six properties a three hour or less drive for Seattle based members. The club planned to launch nine similar regional distributions in various metropolitan areas across the nation including California, New York, Arizona, Denver, and Hawaii before 2006.
Before the club could unveil other offerings, Portofino Club, one of the industry's earliest players acquired the club just days after Signature's two year anniversary. The fusion of the two clubs created Portofino Destination Clubs and transitioned two struggling clubs into one of the top five clubs in the industry by total members. The Signature Collection became the club's entry level offering with homes in the $1 million price range and deposits in the neighborhood of $100,000. Tiering their membership, the Portofino Collection offered access to $2 million homes and deposits ranging from $195,000 to $250,000. The club would soon launch the Continental Collection, composed of $3.5 million homes with a membership deposit just under $400,000. The club's progression closely followed that of Private Escapes, who had launched with Private Escapes Premiere and later added higher tiered clubs in Private Escapes Platinum and Private Escapes Pinnacle.
Hardship soon gripped the firm as the Continental Collection only grew to two homes, President Rance Rogers left the club citing "professional differences in management decisions regarding the direction of the club for the future," and the club was forced to restructure in March of 2008 and sell of several properties. The club attempted to transition members to equity members by making an additional capital commitment, but the club's closure was seemingly inevitable. Portofino was forced to file for Chapter 7 bankruptcy in May of 2008.
To learn more about Signature Destinations, please visit any of the club's quick links found to the right or request a free copy of our Destination Club Guide.
You Might Also Be Interested In...
Grand Resort Properties
Portofino Club
|
