BelleHavens recently announced the acquisition of another destination club, the Havens Club. The signs are that almost all, if not all, of the Havens Clubs 40 members will be joining BelleHavens, giving BelleHavens a total of about 90 members. BelleHavens is also reviewing the acquisition of some of the Havens Club's properties, although many of these were not owned by the club.
While BelleHavens is an equity destination club, the transitioned Havens members are joining on a non-equity basis, due to the terms on which they joined their previous club. We've heard that several Havens members have expressed interest in upgrading to equity status, and one of them has already done so. The other members have the option to upgrade to equity status anytime during the next three years. As equity members, they become owners of BelleHavens' portfolio of wholly-owned, debt-free real estate.
The BelleHavens members have 14 properties to use right now - 11 BelleHavens homes and 3 that are part of a reciprocity program with another organization. Some of the transitioned Havens members have already booked their vacations for the year and are already staying at their BelleHavens $2m luxury homes.
2006 saw the combination of several leading clubs as Quintess combined with both Leading Residences of the World and DreamCatcher, Ultimate Resort acquired Tanner & Haley, Signature merged with Portofino and Parallel merged with Solstice. At the same time several new clubs have opened in the US, Europe and one in Asia, so overall this remains a very dynamic sector for affluent travelers. Overall we consider this consolidation a good thing since it provides members with a wider selection of homes, and allows the clubs to build to a critical mass of members and homes.
Image shows BelleHavens Grand Isle Bahamas Property