DENVER, CO (May 27, 2014) — Exclusive Resorts, the preeminent destination club specializing in bespoke villa vacation experiences, today revealed the results of a newly commissioned study on vacation home ownership as the Denver-based Club unveils GATEWAY by Exclusive ResortsSM, a new product appealing to luxury consumers opting to travel often, own less and share more.
The Exclusive Resorts survey was conducted in advance of the launch of GATEWAY, a new travel card providing access to the Club’s $1 billion dollar residential portfolio without a membership commitment. The study found that the vast majority [81%] of high net worth second and third home owners in North America reported that they either hate or dislike their vacation home citing costly upkeep [38%], time-consuming maintenance [29%] and a feeling of obligation [64%] as the top three drawbacks.*
“Maintaining a vacation home can be expensive and time consuming,” says Cathy Ross, COO of Exclusive Resorts. “After overseeing real estate operations at Exclusive Resorts for more than eight years, I understand better than anyone the annual costs, upkeep and insurance that come with managing a vacation property. Exclusive Resorts provides the same amenities and benefits of a second or third home without requiring a long-term commitment to one specific destination or vacation experience. It is the perfect alternative or complement to vacation home ownership. We do all the work, so our guests can just sit back and enjoy their vacation.”
The new GATEWAY travel card, appealing to a wider consumer base, provides cardholders with the option to purchase 3- to 21-days of travel for a fixed rate of $1550/residence/night** to be used over three years at any of Exclusive Resorts’ two- to five-bedroom privately-owned and privately-operated residences. With predictable pricing, no initiation fee or long-term commitment, GATEWAY provides all the perks of vacation home ownership combined without the hassle and expense of property maintenance. In addition to enjoying pre-trip planning and personalized services in-residence including daily housekeeping and dedicated on-site staff, GATEWAY cardholders have the option to purchase premium benefits providing access to a diverse collection of Journeys and Events. These custom excursions are created exclusively for the Club and feature exotic locations like Kenya and Borneo, or VIP entree to Milan Fashion Week and The Masters.
As the fundamental shift in consumer behavior from an owning to sharing mentality continues to gain momentum in the vacation real estate sector, so have membership sales within Exclusive Resorts. The Club, which celebrates its 10th anniversary this year, is reporting a steady rise in memberships welcoming more than 500 new Club users over the last two years. To date, the Club boasts more than 4,000 members (more than $1 billion sold in memberships) and has delivered over 187,000 vacations – 21,000 of which were taken in 2013.
“People buy second homes with great hope and excitement, but all too often find the process of owning and maintaining them a source of frustration,” said Steve Case, who became the majority owner of Exclusive Resorts in 2004. “And as the ‘sharing economy’ continues to take hold, people are becoming more focused on experiences, and less interested in ownership. In the luxury segment, that’s translated into strong momentum for Exclusive Resorts’ unique and compelling value proposition.”
In response to a rebounding real estate market since the 2008 financial crisis, the study also established that 64% of the home owners surveyed would choose to sell their vacation home if they were able to get the original market value with 64% reporting they use it less than one time per year.*
“The main reason I chose to join Exclusive Resorts versus purchasing a vacation home was because of variety. I get bored and don’t want to keep going back to one place. Plus, there are the hassles of second home ownership like maintaining, cleaning and paying a mortgage,” said Marshall Zaitlen, a member of the Club since 2007. “As a member of Exclusive Resorts you get out of all those responsibilities.”
This sentiment is echoed by other Club members according to an internal survey completed in January 2014, which found that 93.2% of members with second homes joined Exclusive Resorts because it allowed them to vacation in new destinations with 51% reporting most vacation homes were in driving distance of their primary residence.
*This study is based on a survey conducted by STUDYLOGIC LLC via telephone of 1,568 people with a net worth of $3 million dollars or more. The gender distribution of respondents was 61% male and 39% female. The survey consisted of twenty questions including demographic questions. Interviews were conducted between January 1st and January 15th, 2014. The survey averaged 15 minutes in length and contains a margin of error of +/-3%.
**Holiday access requires an additional fee. Select locations may charge a daily per diem. Average per day rates are provided solely for comparison purposes to allow a comparison if only purchasing a nightly stay, for example at a luxury hotel. These rates include services, benefits, and access rights provided to those enjoying the Club. Information current as of 05.27.2014.
About Exclusive Resorts: Exclusive Resorts is absolutely one of a kind. We are not merely a destination club, but a discerning and sophisticated community with a 10-year legacy providing our members with a distinctive lifestyle anchored by once-in-a-lifetime experiences. The private Club offers a suite of travel products and membership plans providing entrée to the best the world has to offer: a $ 1 billion dollar portfolio featuring more than 300 multi-million dollar vacation homes worldwide; curated journeys with exotic adventures spanning seven continents; privileged access to world-class VIP events; exclusive alliances with award-winning resort partners; and a collection of exclusive benefits and privileges with elite travel and luxury lifestyle brands. Founded in 2002 and acquired by Steve Case and Revolution Places in 2004, the Club has delivered more than 187,000 vacations for its discerning members. For more information about Exclusive Resorts, visit www.exclusiveresorts.com, call (866) 863-2688, and follow Exclusive Resorts on Facebook and Twitter.
Media Contact: Caitlin Austin , 3032858616, [email protected]
PRESS RELEASE SOURCE: Exclusive Resorts