In an interesting move, equity destination club, Destination M, is introducing a waitlist for potential new member/investors. Waitlisted members will be invited to fully join the club and become investors when a new property is being purchased, so their funds are specifically used to buy a new home.
The waitlist is limited to the first 10 people who sign up. While on the waitlist, members can reserve and use 7 nights per year at the Destination M properties. And, just like full club members, their stays at the properties are totally supported by the Mbassadors at each location, who help ensure each trip is an unforgettable, tailored experience.
The annual dues for a waitlist membership are $5,000 per year. Waitlist Members also pay a $10,000 refundable deposit which can be applied to any future full share purchase or is refunded if that does not occur.
Once a new property has been identified, or a new share offering is authorized, waitlist members will be invited to become full members by buying a “Treasury Share”. There are currently several classes of shares providing from 21 to 60 days of travel each year. As new full members, there is the opportunity for some preferred access to the newly purchased property.
If a waitlist member passes on becoming a full member and does not purchase a treasury share, they can stay on the wait list but move to the bottom, so that others can take advantage of the opportunity. The waitlist membership is for one year and can be renewed for 1 additional year (ie it’s a 2 year maximum), with the payment of an additional $5,000 and another 7 days of access. Brian Anderson, the General Manager of Destination M, told us that there are now just 5 places left on the current waitlist.
Destination M has a unique member-directed non-profit model. It is owned by the shareholder members and managed by a board of fellow members. The club owns 18 homes and residences in the collection average $1.75 million in value per home. Members also have indirect ownership or reciprocal privileges at another 10 properties in the US, Europe and the Caribbean.