Venture - The Leading Residences of the World
Plans to Compete in the High-end
Destination Club Business
|NEW YORK, July 19, 2005 - The Leading Hotels of the World, Ltd. today
announced the launch of The Leading Residences of the World (LRW), a luxury
destination club that offers a new level of elite vacation experiences
in luxurious residences located around the world.
Members have access to this prestigious collection of fully serviced accommodations in world-class locations at a fraction of the cost of purchasing and maintaining a single resort home. Residences will be located in upper-tier beach, golf, and ski destinations, as well as the world's great cities, including New York, London and Paris.
LRW is a strategic alliance of The Leading Hotels of the World, Ltd., the prestigious luxury hospitality organization representing the world's finest hotels and resorts worldwide; Cendant Corporation, a global leader in travel and real estate (ranked 107 on the Fortune 500); and HDMD, LLC a new company formed by the principals of Destination Club Partners, LLC (DCP), pioneers of the first residence club in the United States: the Deer Valley Club at Deer Valley Resort in Park City, Utah.
In making the announcement today Paul M. McManus, President and CEO of The Leading Hotels of the World, Ltd., said, "While most of today's destination clubs boast of varying levels of service and product, not one has entered the industry with The Leading Residences of the World's imposing credentials: a pedigree dating back nearly eight decades; the financial resources of a Fortune 200 company; and a global network of prestigious properties, destinations, amenities and travel partners."
Steve Dering, Chief Marketing Officer for Dallas-based The Leading Residences of the World, added, "With DCP's proven track record in the design, marketing and sale of residence clubs, LRW brings a wealth of experience to the high-end luxury leisure real estate market and an unmatched level of value and protection to members, which will add substantially to the success to this exciting new alliance."
Members who join LRW have unlimited access to luxury accommodations (subject to the clubs reservation policy and procedures). Members pay a one- time deposit of $325,000 and annual dues of about $15,000. Members receive a refund of 80% of their membership deposit upon resignation, once the club acquires four new members, or after a year has passed, whichever comes first. LRW's membership deposit refund is backed by an insurance policy underwritten by an A.M. Best 'A'- rated insurance company, one of the club's many innovative consumer protections.
At launch, LRW will offer a portfolio of more than 20 residences, expected to grow to 40 by year's end. These include:
The Leading Hotels of the World, Ltd.
The Leading Residences of the World
|Also See:||Exclusive Resorts Spends $100 Million for 46 Vacation Residences Affiliated with Branded Resorts / July 2005|
|Steve Case, Co-founder of America Online, Increases Majority Ownership in Exclusive Resorts, Named Chairman of the Company; Names Management Team / November 2004|