The Portofino Club Newsletter
PORTOFINO DESTINATIONS CLUB
LETTER FROM RON TAPP/CLUB UPDATE
March Newsletter
All of our Members would agree that 2006 was an interesting year for the Club. We went through a number of activities designed to strengthen the Club’s financial position (Cost Alignment, Merger with Signature Destinations, Member Debt-to-Equity Conversion, and finally the Capital Raise) to get the Club positioned for the future.. All of these efforts were successful and the Club has entered 2007 with a much-improved position. The vast majority of our members supported these changes and I want to personally thank each of you for your support.
While 2006 was about strengthening the Club, 2007is about continuing to improve and grow the Club. The Club’s operating mission for the future says it all:
“ To provide an exceptional member experience while growing the Club profitably”
We have launched 2007 with several major announcements:
- Announcement of Portofino Destinations Club, our new “brand” under which we have three different “Collections” of membership plans and properties.
- The newly announced Continental Collection features $3.5 million homes and a $395,000 membership price. This Plan is an Equity Offering and is sold within specific guidelines. Please ask us for additional information.
- Portofino Collection, which has $2.5 million homes and membership pricing from $115,000 to $275,000.
- Signature Collection, which has $1.2 million homes and membership prices from $65,000 to $165,000.
- Recent announcement of an Equity Plan for the Continental, Portofino and Signature Collections. The new Equity Plan will provide greater security for each Member’s Refundable Deposit and will also provide a potential return on their investment in the Club. Early reaction from new prospects has been very favorable. Details on how these Plans work will be provided to you shortly.
- Portofino Collection Property Announcements:
- We opened a new property at the Broadmoor (a Brownstone)
- We made arrangements for a new residence partner in London with “51 Buckingham Gate” which has a great location and is a truly world class facility
- We recently acquired a new property at the Villages at Mauna Lani on the Big Island
- We opened a new property in the Village at Northstar in Lake Tahoe
- In April we will open Casa Brisas, the new property at Cabo San Lucas.
- Continental Collection is selling memberships with equity positions in the Montecito property and a new property in Napa.
As you can see, we have a strong start to 2007 and are anticipating a great year. I hope you agree we are off to a very good start.
Ron Tapp