The club has assembled a growing collection of more than 150 luxury vacation homes targeted across 50 of the world's best destinations, and also entered into a $16.5 million equity financing to accelerate its rapid expansion.
"Since beginning our pre-launch phase just 90 days ago, we have established an entirely new way for consumers to enjoy luxury vacations, emphasizing variety, highly personalized service, and great value," said Portico Chairman Philippe Bourguignon. "With Justin Halloran's appointment as CEO, plus our new website and funding, we have now taken steps to scale our business even more quickly. In particular, Justin's deep experience in the vacation space and expertise in driving bookings make him uniquely qualified to lead Portico to the next level."
The HomeAway experience should prove very useful for Portico as it expands rapidly. He also served as Senior Vice President for Corporate Development at WhaleShark Media, and spent six years at eBay, where he spearheaded the expansion and growth of eBay's $4 billion vehicles and parts business outside of North America.
"I am excited to join Portico as it continues to build momentum, welcoming more and more luxury travelers as members," commented Halloran. "By combining the best of vacation homes with the convenience and flexibility of world-class resorts, all at value you cannot obtain on your own, Portico represents the most compelling new offering within today's luxury hospitality market. Better still, by leveraging the expertise of Exclusive Resorts, it provides a distinctive vacation experience no one else can match."
The company's recent equity financing, which maintains Portico as a majority-owned subsidiary of Exclusive Resorts, was led by Revolution Places. Revolution was co-founded by Steve Case who is also the major shareholder and Chairman at Exclusive Resorts. The new funds will be used to add more vacation choices for Portico members, raise awareness of the new club's unique offering, and continue the company's rapid growth.