Ultimate Escapes Destination Club
News

The undisputed second largest destination club in the world in terms of members and the first publicly-traded destination club, Ultimate Escapes would also be the world's largest destination club bankruptcy in September of 2010, estimating between 1,000 and 5,000 creditors, $100 million to $500 million in liabilities, and just $50 million to $100 million in assets.

The union of Ultimate Resort, the world's second largest club, and Private Escapes, the third largest club, the master brand Ultimate Escapes would be several years in the making. Originally announced in September of 2007 as the industry's largest merger, in fact it was effectively an acquisition of Private Escapes. The actual acquisition would not take place until two years later, infuriating many club members.

While the destination club sector is built on size and scope, Ultimate Escapes would only decline after the combination of their two respective clubs. In early 2009, the club charged members a one-time assessment of $16 million to stay in operation. Not even two years later, the club had filed for bankruptcy.

Like other destination club bankruptcies prior to Ultimate Escapes, the club's filing isn't the end of the story as the fate of the club's properties, members, and legal obligations will continue to play out in the courts for several years to come.

Ultimate Escapes Committee of Unsecured Creditors Appointed
Date: October 5, 2010
A group of members and other creditors have been appointed to Ultimate Escapes Committee of Unsecured Creditors as the club continues to work its way through its bankruptcy filing, with the Committee already objecting to the proposed timeline.

Destination Club News Recap: September 2010
Date: October 1, 2010
Read all of the breaking news that took place in the destination club industry during September, including the Ultimate Escapes bankruptcy filing, a new promotion from the Abercrombie & Kent Residence Club, and the termination of a long-time destination club executive.

Ultimate Escapes CRO Sheon Karol Updates Members On Tousignant Departure
Date: September 30, 2010
With Jim Tousignant no longer serving as Ultimate Escapes' CEO and President, Chief Restructuring Officer Sheon Karol updates members about many club matters, including his role with the club, solicitations from other clubs, and upcoming travel plans.

Holly Felder Etlin Comments On Her Philosophies For Restructuring A Destination Club
Date: September 30, 2010
Holly Felder Etlin, the Chief Restructuring Officer at Tanner & Haley, remarks on her philosophies for restructuring a destination club as her former colleague Sheon Karol takes control of the day to day operations of the bankrupt Ultimate Escapes.

Jim Tousignant Out At Ultimate Escapes
Date: September 29, 2010
Jim Tousignant has been relieved of his duties as Chief Executive Officer and President of Ultimate Escapes for cause following the club's recent bankruptcy filing, with the announcement coming just hours before the club makes their way into court to continue their bankruptcy proceedings.

Exclusive Resorts CEO Jeff Potter Comments On Market Developments
Date: September 28, 2010
Jeff Potter, Chief Executive Officer at Exclusive Resorts, comments on the recent bankruptcy filings at Ultimate Escapes and Sea Island Company and discloses how the two will impact the world's largest destination club.

Ultimate Escapes Voted Biggest Destination Club Bankruptcy By Readers
Date: September 26, 2010
In a wide margin, Ultimate Escapes has been voted the biggest destination club bankruptcy by our readers, surpassing the failures at Tanner & Haley and High Country Club. Just days into their filing, much more at Ultimate Escapes has yet to be revealed.

Ultimate Escapes Bankruptcy Q&A With Sheon Karol
Date: September 25, 2010
Ultimate Escapes and Chief Restructuring Officer Sheon Karol answer some frequently asked questions pertaining to their recent bankruptcy filing, including details about upcoming travel, members' redemption amounts, and what will happen to the club.

The Discovery Club Crafts Custom Offer For Ultimate Escapes Members
Date: September 24, 2010
On the heels of offers from Exclusive Resorts and Quintess, The Discovery Club has made their own offer to members of the now bankrupt Ultimate Escapes, giving them the opportunity to travel to any of their 2,700 affiliate properties.

The Potential Buyers Of Ultimate Escapes
Date: September 24, 2010
Ultimate Escapes and restructuring firm CRG Partners have contacted over 400 potential buyers for the now bankrupt destination club and are now in advanced discussions with a small handful of interested parties who have already submitted letters of interest.

Ultimate Escapes CRO Sheon Karol Reaches Out To Members About Bankruptcy
Date: September 22, 2010
Ultimate Escapes Chief Restructuring Officer Sheon Karol writes the 1,200 club members to discuss the club's recent bankruptcy filing, his outlook for the club over the next month, and his role as the Ultimate Escapes CRO.

Exclusive Resorts Makes Trial Offer To Ultimate Escapes Members
Date: September 21, 2010
Exclusive Resorts, the world's largest destination club, has crafted a new limited offer specifically for members of the now bankrupt Ultimate Escapes, letting them travel with the club for 10 days for $14,900 and having 100% of this fee credited towards their purchase if they elect to join.

Ultimate Escapes Contacts Members About Bankruptcy Filing
Date: September 21, 2010
Ultimate Escapes has reached out to their disheartened group of members about their Chapter 11 bankruptcy filing, detailing the substantial cuts to the club's property portfolio, the continued exploration of strategic alternatives, and how long members can expect to continue traveling.

Ultimate Escapes and Quintess Lock Horns Over Membership Offer
Date: September 21, 2010
One of the many points that will be addressed at Ultimate Escapes bankruptcy motions tomorrow will be an offer made by Quintess to Ultimate Escapes members, giving members of the bankrupt destination club the ability to join Quintess via a customized membership option.

Ultimate Escapes Files For Bankruptcy
Date: September 20, 2010
Ultimate Escapes, the world's second largest destination club, has today filed for bankruptcy protection, estimating liabilities of between $100 million and $500 million. With several options still being considered, the fate of the club, its members, and executives remain in question.

Ultimate Escapes Does Not Authorize Quintess Offer To Members
Date: September 16, 2010
Just hours after Ultimate Escapes members received an offer from Quintess, Ultimate Escapes has reached out to their members stating that they did not authorize such a proposal and advice members not to take any action on any such offers.

Membership Loyalty Erodes Amidst Ultimate Escapes Crisis
Date: September 16, 2010
The cancellation of multiple travel reservations, a lack of communication with members, and a growing concern regarding the club's leadership team have all contributed to the declining support by members of Ultimate Escapes, the world's second largest destination club.

Renovations Completed At Trump International Hotel & Tower New York
Date: September 15, 2010
The Trump International Hotel & Tower New York has recently completed a $30 million renovation project for its 176 guest rooms and suites, including personal touches from Ivanka and Donald Trump themselves, delighting many destination club members.

Ultimate Escapes Members Vote Down Member Owned Option
Date: September 15, 2010
Members of Ultimate Escapes have voiced their opinion on the member-owned structure that the club laid out last week, voting overwhelmingly against such a proposal by a two to one margin, forcing the club to consider other options such as a potential acquisition or bankruptcy.

Ultimate Escapes Members Join Together To Form Member Only Group
Date: September 14, 2010
A group of Ultimate Escapes members have joined together to form a "member only" e-mail distribution list, dedicated to exploring other options not yet considered by the Ultimate Escapes leadership team in an attempt to rescue the struggling destination club.

Ultimate Escapes Bankruptcy Filing Option Overview
Date: September 11, 2010
The last option identified by Ultimate Escapes CEO and President Jim Tousignant during his recent webinar, a bankruptcy filing for the destination club could come as soon as Monday and would impact everyone from members to lender CapitalSource.