In yesterdays letter to its members, Quintess, LRW announced the completion of both its annual audit and the first quarterly analysis of the Club's member deposit liability coverage.
Just like many of the other destination clubs, Quintess has moved to assure members and potential members of the security of their deposits. It hired a Big-4 CPA firm to carry out both an annual audit and give a quarterly letter on the security of the deposits. In the words of Quintess:
Quintess has grown rapidly over the last year. It partnered with Leading Hotels of the World and merged with two other clubs Dreamcatcher Retreats and The Leading Residences of the World. It now offers 60 $4m homes in 30 destinations.
As a nice touch to show their transparency (and almost Sarbanes Oxley like), the letter to Quintess members was signed by all three of Pete Estler, CEO, Kenneth Mesikapp, CFO and Karen Short, President of Quintess.
As a potential destination club member you should certainly ask several questions about the financial security and transparency of the clubs you're looking to join. In our Guide to Destination Clubs we provide a full list of these questions to ask.
This letter essentially answers the members' question: "If the Club ceased operations, how much of my deposit would I expect to get back?" Quintess, LRW is delighted to report that we are in excess of 110% on our contractual membership deposit liability coverage.