St. Regis Residence Club Ranked Top Fractional Among High Net-Worth Consumers in Luxury Brand Status Index (United States)
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St. Regis Residence Club Ranked Top Fractional Among High Net-Worth Consumers in Luxury Brand Status Index (United States)
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Category: North America & West Indies / Carribean islands - United States - Events -
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This is a press release selected by our editorial committee and published online for free on 2008-04-08
Luxury Travelers Cite St. Regis as Most Prestigious
St. Regis Residence(R) Club was rated the top luxury fractional club in the U.S. in a survey by the independent Luxury Institute. The 2008 Luxury Brand Status Index (LBSI), a survey of high net-worth individuals, named St. Regis "most prestigious," ahead of four other leading fractional companies, including The Ritz Carlton Club and The Four Seasons Residence Club. St. Regis Residence Club and The Luxury Collection(R) Residence Club properties represent the luxury tier of Starwood Vacation Ownership, Inc. (SVO), the fractional and vacation ownership division of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT).
St. Regis Residence Club was ranked number one overall, with the highest score for self enhancement and social status and exclusivity, and scored well above average for all components of the LBSI and both outcome metrics. Those who would recommend the brand say they are known for "their great service and nice amenities" and have "excellent quality" and are "very upscale."
According to Luxury Institute CEO Milton Pedraza, "This is the first time that we have rated Private Residence Clubs, known as Luxury Fractional Clubs. We rated only hotel brands with multiple fractional destinations to see how they compare with their competitors. In a transparent world, where consumers define your brand, and you are simply a steward, these surveys provide quantitative metrics, as well as extensive consumer comments, as to why they will, or will not, recommend each brand."
Survey participants were asked to rank the clubs for quality, exclusivity and willingness to recommend. Participants in the in-depth, online survey included 513 wealthy consumers age 30 or older with a minimum net worth of $5 million and a minimum annual income of $200,000. Those respondents most familiar with the St. Regis Residence(R) Club brand were under the age of 55 with a household income of $500K or more.
St. Regis Residence Club consists of properties in Aspen and New York City with other locations currently under development. The St. Regis Residence Club, Aspen was the first fractional in the nation to sell a fractional ownership for $1 million. The St. Regis Residence Club, New York is located in the famed New York City St. Regis Hotel.
"We define St. Regis by our guests and the experiences and services they demand and expect. Nothing less than an unrivaled dimension of luxury and bespoke service - from arrival to departure, and beyond - will do," said Ross Klein, President of Starwood's Luxury Brands Group. "We are honored that this audience of high net-worth consumers appreciates and recognizes the luxury and impeccable service and amenities we are committed to offering through the St. Regis Residence Club."
LBSI Methodology
The Luxury Institute's impartial surveys are conducted with independent panels weighted to reflect national results, and the results are tabulated by external analytical experts to ensure objectivity.
The LBSI incorporates four main "pillars" of brand stature:
-- Consistently Superior Quality
-- Unique and Exclusive
-- Social Status as a product owned by people who are admired and respected
-- Self Enhancement, in that the brand makes the consumer "feel special" across all aspects of the customer experience
The survey also measures three key "outcome" metrics, which are compared to the LBSI:
-- Worthiness of a significant price premium
-- Willingness to recommend the brand to people they care about
-- The brand most likely to be considered the next time a purchase is made
Finally, qualitative responses are collected by brand to understand why consumers are or are not willing to recommend specific brands.
The income criteria utilized represents the top 1.2 million (1.1%) of U.S. households, according to the 2004 Federal Reserve Board Survey of Consumer Finances (SCF).
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