Effective August 31st 2008, luxury travel club One Key will be increasing the prices for its three membership plans. At the same time the club is changing the plans from offering a fixed number of nights to being a points based system.
The new prices for the plans are:
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One Key isn't a traditional destination club, in that it doesn't own it's properties and members don't sign up for a long term membership. Instead it provides access to over 450 luxurious homes in 30 destinations, all homes that One Key has vetted, and it provides travel and concierge services for its members.
As Jay Sapovits, the CEO and founder of One Key puts it, this structure means that "if members feel that the club hasn't delivered value then they can move on", put another way "members get to vote with their feet after 15, 25 or 45 One Key nights". As the CEO of a service based hospitality business Jay told us he is always looking to make sure his members fully enjoy their vacations, and appreciate the value of membership. The model seems to be working, as One Key is approaching the 100 member mark since its launch last year.
The club provides a variety of residences from 2 bed apartments to large 6+ bedroom homes, giving members a lot of flexibility in the types of vacations they take. This varied portfolio is the main reason for a move to a points based system. The club still calls its points "One Key Nights", but different homes will have different points values.
The values will vary depending on destination, seasonality and home attributes such as size, grandeur, historic significance. For instance a 3 bedroom home at Christmas in Aspen will be more than a similar home at Christmas in Stowe, Vermont. Jay noted Now the annual family winter trip to a highly coveted destination like Cabo San Lucas for a week may cost ten One Key Nights, while a four-night getaway to New York City for a couple during the fall may only cost three One Key Nights.
One Key plans to enter several new vacation destinations this year including Pebble Beach CA, Sonoma County CA, Kiawah SC and Marthas Vinyard.