These two luxury residence funds have formed an alliance which offers each of their owner members access to the homes in the two funds. This means members can choose from 29 homes in 23 destinations around the world.
"This alliance is ideal as it facilitates international growth for both companies and enhances the already stellar value proposition for owner members of both funds," said Adam Capes, co-founder of Equity Estates. "We cannot imagine a better way to begin 2010 than doubling our portfolio of accessible properties."
Under the agreement terms, Equity Estates and The Hideaways Club will each make a specified number of non-peak nights available for reciprocal use. Members can start to make reservations and start to travel from Monday 18th January.
Equity Estates owner members, who have been enjoying homes in locations including Turks & Caicos; Telluride, CO; and Maui, HI; will now have access to such locations as Tuscany, Italy; Cape Town, South Africa; and Croatia; through The Hideaways Club relationship. The Hideaways Club has 18 properties in 12 locations that will be part of the shared pool of residences. In return, The Hideaways Club members will have access to the 11 properties in 11 destinations currently offered by Equity Estates.
"Our companies have a common goal: to provide unparalleled vacations coupled with a sound investment, so it seems natural to create this strategic alliance for the benefit of our individual companies and our respective owner members," said Mike Balfour, Chairman of The Hideaways Club.
Adam Capes is expecting the most popular new destinations for Hideaways Club members to be Florida and New York, while he's expecting Tuscany and Provence to be at the top of the list for his members. Adam noted that the major European summer vacations are during the second half of July and August, so Equity Estates members will find good availability during June and early July. Equally the Hideaways Club members will find good availability in Florida and the Turks and Caicos in July and August, when they are looking for some warm, even hot, beach vacations.
The clubs will work to balance out the reciprocal use, and peak vacation times (such as Chritmas) will only be made available on a short term reservation window to the other clubs members.
This exchange deal came together pretty quickly, with the funds only starting discussions in November. Both funds have a similar equity destinstion club structure under which fund members have an ownership interest in the underlying club real estate. And, despite the economy, both clubs have grown significantly over the past year.
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