WATERLOO, Ontario (Nov. 18, 2010) — Demeure, a next generation travel community through which members access the world’s finest vacation homes at discounted rates and without costly membership capital contributions or deposits, today announced it has engaged an independent escrow agent to protect members’ funds.
“This is a critical next step in our continuing effort to promote a higher ethical standard, transparency, and legal and fiscal responsibility into an industry that has been beset by less than stellar performance in these areas,” said Peter Schwartz, Chairman and CEO of Demeure. “Beyond being representative of the principles upon which Demeure was founded, I believe it will raise the bar in the industry for stewardship and governance, and provide members with the security they deserve.”
The purpose of the escrow arrangement is twofold: to ensure that members’ funds, which are paid in advance for travel for the year ahead, are indeed appropriated for that travel; and, to make sure that members’ funds are returned to them in the unlikely event that Demeure ceases operations.
Demeure selected International Escrow Services (IES), of Atlanta, Georgia to serve as the company’s escrow agent. IES was selected by Demeure because of their specialized knowledge and experience in the vacation industry. A part of the law firm of Schreeder, Wheeler and Flint, LLP (SWF), the combined companies have served as escrow agent for over 100,000 timeshare closings and handled over one billion dollars in escrowed funds, including the Starwood Vacation Ownership timeshare sales since 2001. IES will provide detailed and individualized accounting of each member’s transactions, and all activities will be audited annually by a certified public accounting firm.
For information on how to begin traveling within the Demeure community, please visit http://www.demeure.com/
Demeure is a community of discerning travelers that provides access to homes, villas, flats and hotels in sought after locations at significant discounts. Demeure’s management team includes travel, financial and supply chain management experts who have developed a vacation club model that responds to the needs of the market with minimal financial risk. Demeure delivers smart, flexible and cost efficient access to properties all around the world.