Quintess, The Leading Residences of The World, Opens 'Quintess, LRW Future Fund 1' - A $125 Million Financing For New Homes |
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By: Quintess, The Leading Residences of the World Posted: 2007-06-02 09:55:38 |
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Quintess, The Leading Residences of the World (LRW), announced that it has formed Quintess, LRW Future Fund 1 -- a $125 million financing earmarked for new home development, enabling the Club to develop approximately 30 new residences to become available to members over the next several years.
"We assume 25 to 35 new homes will become available to members over a 12 to 36 month timeframe," said Ben Addoms, Founder and EVP, Membership Development for Quintess, LRW. Member feedback shows preference to Club designed and developed properties, such as Jackson Hole's Amangani and Teton Village, and Los Cabos' Casitas in Villas del Mar. The Club portfolio currently has nearly $200 million in real estate assets -- 48 Club owned residences -- available to members and is expected to grow to approximately $500 million by the end of 2008. "We are continuously listening to our members and this will enable us to develop more one-of-a-kind, hand-selected residences with architectural significance in breathtaking settings," said Addoms. "Because of Fund 1, within 18 months we expect more than 75 percent of all new Quintess, LRW homes to be new construction undertaken by the Club to meet the specific needs of our members. Additionally, the Club is buying the properties at cost plus the cost of capital, so it is in effect buying below market, which means both better quality homes and better member deposit liability coverage, and ultimately more attractive investor returns." The Club plans additional properties in its high-demand destinations such as Aspen, Los Cabos, Florence, Hawaii, London, Napa, New York and Paris, while expanding to new destinations like Bermuda, the Greek Islands, Tuscany and San Francisco. Quintess, LRW already added significantly to its property portfolio within the past few months, with recent additions including: a replacement property and a new property under development in Napa, California; two residences in Deer Valley, Utah; two residences in Florence, Italy; and additional residences in New York City, Jackson Hole, Wyoming, and St. Thomas. In addition to the properties, all members enjoy unparalleled benefits, including membership in The Leading Hotels of the World's Leaders Club Unlimited, which provides room upgrades and personalized gifts upon arrival at participating Leading Hotels of the World and Relais & Chateaux properties, along with a variety of other unique international services. Members also have anytime, anywhere OnQ Concierge services, whether they are traveling within or outside of the Club portfolio; even in their hometown. Members pay a one-time deposit based on the type of Quintess, LRW membership plan desired, which is completely refundable during the first year and 80 percent refundable after that. Members also pay annual dues. About Quintess, The Leading Residences of the World Quintess, The Leading Residences of the World's goal is to provide members unforgettable experiences in spectacular destinations such as Aspen, Los Cabos, Florence, Hawaii, Jackson Hole, London, Napa Valley, New York City, Paris and Scotland, among countless others. The Quintess, LRW portfolio currently retains 57 brilliantly designed properties in 28 internationally coveted destinations, with additional residences and locations opening shortly. The average property value is more than $4 million and the average residence size is 4,000 to 5,000 square feet; with city properties averaging 1,200 to 1,500 square feet. With more than 300 members, the Club provides a six-to-one member-to-home ratio-one of the lowest in the industry. Memberships begin at $195,000. For more information please visit quintess.com. |
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