Ultimate Passes Minimum Acceptance
In a note sent to members today, the destination club Ultimate Escapes said that it had "already received commitments from over 600 Members to pay the Assessment." The club says that as a result it has passed the minimum level it had set for the Assessment requested two weeks ago.
The club had originally set today as the deadline for acceptances, but said "staff will continue to work with Members over this weekend", and continued "we expect to process many additional Assessment commitments over the weekend and into early next week".
SherpaReport heard that the club had put together a variant of its financial plan showing zero new memberships in 2009 and 2010, after this scenario was requested by members. The plan included eliminating several homes and had further staff cuts.
Given the timing and the current economic climate there will be some members who are very disgruntled and either can't or won't pay the assessment. Dealing with these members will certainly be a challenge for the club going forwards.
Destination Club and Residence Fund Guide
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