“Quintess and Dream Catcher share core values centered on a commitment to delight our members and a focus on remarkably luxurious, private freestanding homes. Both parties saw the opportunity to combine our strengths to create a club with a vastly improved range of member experiences and even greater financial strength,” said Quintess CEO and Co-founder Pete Estler. “At a time when Dream Catcher and Quintess have both enjoyed tremendous growth and financial stability, this merger unequivocally does both. The clubs have recently taken over $10 million in new investment capital and we are well positioned to accelerate growth in Quintess membership, destinations, and luxury resort properties.”
The consolidation of the two companies yields a combined real estate portfolio, including properties under development, with an estimated fair market value of $110 million dollars. This enhances the financial strength and stability for Quintess, Catch the Dream members by further protecting the security of the membership deposits while funding the expansion and growth of the club. Both the Quintess and Dream Catcher membership agreements require a minimum of 80% of all membership deposits be secured by the clubs net equity in real estate and cash. The Club currently has pro forma net assets which cover 100% of the 80% member deposit refund obligations.
“This is a classic merger, by combining both clubs, we are leveraging our collective strengths in luxury hospitality, superb resort real estate, and marketing to create the premier luxury destination club.” said Dream Catcher CEO Scott Anderson. “This is extremely positive news for our members and our investors.”
Quintess, Catch the Dream members will have easy access to 37 luxury homes with an average value of nearly $4 million dollars and one exceptional yacht, the Essence. Members enjoy one of the lowest member-to-home ratios among luxury destination clubs. “Our staff remains committed to providing the unprecedented gold standard of personal service that has been a distinguishing hallmark of each club” said Club President Karen Short.
Under the terms of the merger, Quintess CEO and Co-founder, Pete Estler, has become CEO of the merged company, and Dream Catcher CEO, Scott Anderson serves as its Vice Chairman. Bruce Barnet will serve as the Chairman of the Board. Quintess and Dream Catcher club operations will continue to function on parallel paths for the next 60 to 90 days while they work on integrating all operations and functions. Membership in the new Club and a view of all Club residences is already available. For information, visit www.quintess.com, www.dcr.com, or call 1-800-550-0324 or 1-800-690-7820.
About Quintess, Catch the Dream
Quintess, Catch the Dream is headquartered in Colorado and offers members easy access to a stunning portfolio of luxury residences located in the worlds most exclusive and desirable resort destinations and cities. The club currently has 38 homes located in 24 premier locations including Aspen, Jackson Hole, New York City, Cabo San Lucas, Costa Rica, Napa Valley, Lake Tahoe, Miami, St. Thomas USVI, Hawaii, Paris, London, Turks and Caicos and more. Members enjoy a wide array of personal services and amenities, including: 24-hour, 365-days a year ONQ concierge service, ONQ Experiences, private chefs, spa facilities, golf privileges, and an on-site host to ensure a seamless stay. Memberships begin at $175,000. For more Information please visit www.quintess.com and www.dcr.com
Press Contact:
Margaret Thomas/Pieter Ruig
Murphy OBrien, Inc.
310-586-7113/310-586-7140
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
|
|
