The Hideaways Club has just raised £15m ($29m) and is looking to purchase its initial properties across Europe. The locations under review include Spain, France, Italy, Morocco, Switzerland, Greece, Cyprus, and Crete. The plan is to buy properties in the $1.5m to $2m range.
The founding executive team (pictured to the right) has significant experience in hotels, golf and country clubs, racquets and health clubs, restaurants and international resorts and clubs. It includes Mike Balfour, founder of the Fitness First health club chain - the worlds largest chain of health clubs with 430 clubs. Also on board is John Lovering chairman of Debenhams and Somerfield, the large UK based retailers.
The Times of London reported, the initial membership fee will be about £200,000 ($390,000) with annual dues of about £10,000 ($19,000). Members will share 80% of all property appreciation and so benefit by having ownership of a diversified property portfolio. The club will have no more than 6 members per property, so allowing plenty of time for each member to select and enjoy the properties they want.
The Hideaways Club is the first European focused club that we've seen. Last month Banyan Tree Private Collection launched a club with an Asian focus. While most of the established Destination Clubs have most of their properties in North America including the Caribbean.