Quintess, LRW completes $210 million equity investment
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Quintess, LRW completes $210 million equity investment
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Category: Worldwide -
This is a press release selected by our editorial committee and published online for free on 2008-04-11
QUINTESS, THE LEADING RESIDENCES OF THE WORLD, COMPLETES
LARGEST EQUITY INVESTMENT ANNOUNCED TO DATE IN THE
DESTINATION CLUB INDUSTRY FOR $210 MILLION
Luxury destination club, Quintess, The
Leading Residences of the World (LRW), announced today that its parent company, Club
Holdings, LLC, received a commitment for $210 million in equity from an undisclosed
Forbes 400 investor. The transaction is the largest infusion of capital announced to date
for a luxury destination club, and is a cornerstone of the Company’s ten-year financing
strategy.
“Consumers considering membership in a destination club are looking not just for
exceptional quality of homes and services but for a club’s financial strength and
security,” said CEO Pete Estler. “This funding positions Quintess, LRW as a dominant,
long-term player in the luxury destination club market.”
“There are exceptional opportunities to develop and acquire luxury real estate in the
world’s finest destinations on very favorable terms,” said Estler. “Our goal is to develop
the largest portfolio of luxury homes in the world with home assets in the multi-billion
dollar range over a ten year period.”
The $210 million capital commitment will be used for the development of new
businesses, corporate mergers and acquisitions, and for real estate development projects
that further enhance the Club’s current $300 million dollar portfolio of private homes
around the globe.
Last spring Club Holdings announced Quintess Future Fund 1 which provided $125
million specifically for the development of new homes for the Club’s portfolio. The new
capital commitment provides the Company with the capital required to grow its business
domestically and globally, invest in new sales and marketing initiatives, and to explore
strategic initiatives in new business development and mergers and acquisitions.
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