BelleHavens BelleHavens Overview
Written by Nick Copley Thursday, 28 September 2006 15:00
| Membership Pricing | |
| Initial Membership Fees | $425,000 |
| Annual Dues | $33,500 |
| # Nights | 60 |
| Membership Fee | |
| % Membership Refundable | 90% current value |
| Refund Basis | 3 in 1 out |
| Deposit Guarantees | Members are owners, 100% is in cash or real estate |
| Homes | |
| # of homes | 14 |
| # of locations | 14 |
| Average Value | $2,000,000 |
| Members per Home | max 10:1 |
| Club | |
| Number Members | 100 |
| Founded | 2004 |
| % Homes owned | 100% |
Description
BelleHavens was an equity destination club which was acquired by Abercrombie and Kent and merged with Crescendo to form a new destination club called Abercrombie & Kent Residence Club.
All the clubs properties were purchased outright. Membership fees were only used to buy real estate. As new members join, the membership fees were placed into escrow until 10 members had joined, and then a house was purchased outright.
The BelleHavens homes had a low occupancy rate of only 25% in 2006, and while the club said it would have a maximum member to home ratio of 10:1, it was more likely to be in the 5:1 to 8:1 range.
Homes varied from a 1,200 sq. ft apartment in New York City to spacious homes of over 4,500 sq. ft. The average size was 3,500 square feet with three to five bedrooms, and will sleep at least eight people comfortably. Many of the BelleHavens homes are now part of A & K Residence Club.
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