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Exclusive Resorts Acquires Key Competitors |
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Exclusive Resorts, LLC., the pioneer and global leader in the luxury residence club industry, has acquired the two remaining companies in the sector, The Odyssey Club, LLC., and Mirabella Estates, LP. |
The specific terms of the acquisitions were not disclosed. The combined real estate assets enable Exclusive Resorts(TM) to offer its members access to a portfolio that encompasses thirty-two multi-million dollar residences in sixteen of the world's most desirable destinations. The announcement was made today by Brad Handler, Co-Founder, Chairman and Chief Executive Officer of Exclusive Resorts.
Exclusive Resorts(TM) pioneered the luxury residence club industry. By creating innovative membership-based programs for individuals, couples and families, this dynamic company provides members with a unique solution that balances an individual's lifestyle needs and financial goals by offering members guaranteed anytime, anywhere access to an ever expanding portfolio of the finest multi-million dollar residences in the world's most desirable destinations. Since the company acquired its first residential property in February, 2003, Exclusive Resorts has become the leader in residential property acquisition and development and has established itself as a standalone in the sector.
Said Brad Handler, Co-Founder, Chairman and Chief Executive Officer of Exclusive Resorts, "The benefit of these acquisitions was not incremental but rather exponential. Everyone wins as a result of these transactions, not just the companies involved, but also the industry as a whole. It is our members, however, who are the ultimate beneficiaries. As circumstances warrant, we will continue to make strategic acquisitions that provide similar benefits and scalability."
Continued Brent Handler, Co-Founder and President of Exclusive Resorts, "By acquiring worthy competitors, we have not only reinforced and furthered our leadership in the sector, but we have also enhanced our team of outstanding industry professionals. These acquisitions expand our portfolio of iconic residences, and increase our membership base in an extremely efficient manner."
The Odyssey Club, which was in the midst of its pre-launch rollout, planned to offer members unlimited access to a collection of luxury homes and villas in world-class destinations, entree to the ultimate travel partners and impeccable service provided by an unrivalled network of concierges. The Odyssey Club, formed in 2003, was created by John A. Pritzker, who served as Chairman, and by Thomas M. Gottlieb, who served as Chief Executive Officer. Andrew Harper, the world's preeminent authority on upscale travel and the author of the acclaimed Hideaway Report, served as Principal Advisor to The Odyssey Club.
Effective December 8, 2003, The Odyssey Club became part of Exclusive Resorts, and its members were given the option of converting their Odyssey Club membership reservations into Exclusive Resorts(TM) memberships on an extremely favorable basis or having their membership reservation fees refunded. Mr. Gottlieb will join the Board of Directors of Exclusive Resorts, effective January 2, 2004. Management is in the process of evaluating the employee infrastructure of The Odyssey Club for individual potential relocation to Exclusive Resorts' corporate headquarters in Denver, Colorado.
Said Thomas Gottlieb, Chief Executive Officer of The Odyssey Club, "What John Pritzker, Andrew Harper and I have founded and started, will be able to reach its ultimate potential under the auspices of Exclusive Resorts. Brad Handler and Brent Handler are dynamic entrepreneurs who pioneered the luxury residence club industry and made it both feasible and viable by developing a proprietary usage paradigm. Their portfolio of residences is the finest in the world and they provide a member experience that is incomparable. I look forward to serving on the Company's Board of Directors and to contributing to the success of Exclusive Resorts."
Prior to his association with The Odyssey Club, Mr. Gottlieb founded and served as Chairman of Mandara Spa, the largest international operator of luxury spas in resort hotels. He also founded Sierra Pacific Investments, a private equity investment company and co-founded Palm Cove Capital, a financial services and investment company.
Mirabella Estates, based in Austin, Texas, pioneered an equity based club model for luxury residences. Mirabella Estates offered its limited partners access to a portfolio of luxury residences in Colorado, Hawaii and New York. Exclusive Resorts acquired certain assets of Mirabella Estates, including a number of residences in Telluride and Snowmass, Colorado. Jason Lippman, former Chief Executive Officer of Mirabella Estates, becomes Vice President of Business Development at Exclusive Resorts.
About Exclusive Resorts
Exclusive Resorts, LLC., is the pioneer and global leader in the luxury residence club industry, creating membership-based programs which provide a unique solution that balances an individual's lifestyle needs and financial goals by offering guaranteed anytime, anywhere access to an ever expanding portfolio of the finest multi-million dollar residences in the world's most desirable destinations.
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