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Club dossier

LUSSO Collection

Bankrupt, closed or liquidated. Founded 2005. This file covers membership plans, membership pricing, annual dues, properties, usage and more, as reported up to June 2013.

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2005
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The east-shore beach of Elbow Cay, Abaco, The Bahamas, one of the LUSSO Collection destinations
The east-shore beach of Elbow Cay, Abaco, The Bahamas, one of the LUSSO Collection destinations. Photo: Rüdiger Stehn from Kiel, Deutschland, CC BY-SA 2.0, via Wikimedia Commons.

"The new way to say luxury..."

Founded in 2005 and launched officially in June of 2006, the LUSSO Collection, Italian for luxury, largely focused on a "boutique" offering, dedicated to continually providing superior service to its members. At launch, the club already included 14 homes and 30 members.

Targeting just 550 members and 100 luxury properties, LUSSO continually cited the pitfalls of big clubs and emphasized the fact that LUSSO members would not only be treated equally as the club only offered only one membership plan at the time, but would have access to everyone in the LUSSO family, all the way up to Founder and CEO, Stever Greer. Greer, a Bristish national, was the former COO and CFO of Rapala and spent over a decade with Price Waterhouse.

The club's vision was to grow organically and utilize a "smaller is better" mentality. Maintaining the industry's lowest member to property ratio at five-and-one-half members to one property since inception, the club's projected occupancy rate received a world-class rating of 98% in a 2007 survey of members. LUSSO's member first mindset allowed the club to grow to a power player in the destination club industry, primarily through membership referrals, accounting for nearly half of all new membership acquisitions. Members were entitled to unlimited travel, 100% refundable deposits if a member elected to leave the club, and procured partnerships with many ancilliary organizations to augment the LUSSO experience.

By early 2008, LUSSO had grown to well over 100 members and was widely considered to be one of the fastest growing destination clubs in the industry. The club launched a new 21 night offering in July of 2008 as an alternative to the unlimited membership plan the club had utilized since inception. "We are excited about offering LUSSO 21, which we developed based on feedback that we have received from people who want to experience The LUSSO Collection but who may not travel extensively. Our club continues to evolve based on how to best serve our ever-growing membership base and to meet our ever-present goal of providing truly luxurious getaways for individuals who love to travel," said Greer.

By the end of 2008, LUSSO Collection was filing Chapter 11 bankruptcy papers, leaving over 150 members without a club and little chance of recouping their membership deposits. Claiming between 200 and 1,000 creditors and estimated assets and liabilities of $50-$100 million, the club tried to secure financing from members but never was able to recover. By February of 2009, the club had ceased operations and converted their bankruptcy filing from Chapter 11 to Chapter 7.

Very similar to the situation that happened after High Country Club was forced into bankruptcy just months earlier, several leading clubs were quick to make aggressive plays at the collection of LUSSO members left without a club. Equity Estates, Quintess, and Abercrombie & Kent Residence Club all made unique offerings to club members while a group of former LUSSO members planted the seed of a "LUSSO 2" that would eventually be known as How Fun Resorts.

Litigation against Greer remains open and the final fate of the club has yet to be completely finalized.

MEMBERSHIP PLANS

One of the primary sales tools used at LUSSO Collection was the idea that every member would be treated identical to every other member, allowing members to operate "on a level playing field." As such, for the vast majority of the club's life, only one offering was available to members. The LUSSO Unlimited Membership was just that. Members were allotted unlimited annual usage, subject to club rules and regulations and availability. Memberships were 100% refundable and the club promised to maintain one of the lowest member to property ratios in the industry.

On July 30th of 2008, over two years after their official launch, LUSSO introduced a new membership plan: LUSSO 21. The new plan offered much of the same services provided to LUSSO Unlimited members, but for a reduced fee and less annual usage.

Please learn more about the two membership offerings below.

LUSSO Unlimited Membership

The membership plan initially offered to members and the most popular offering within the boutique destination club, LUSSO Unlimited provided members unlimited annual usage of the club's properties, subject to the club's rules and regulations.

When the club was forced into bankruptcy in December of 2008, LUSSO Unlimited Membership were available for a fully refundable membership deposit of $425,000. Annual dues totaled $28,000 per year, just $7,000 more than the annual dues of LUSSO 21 that provided 21 nights of annual usage.

LUSSO Unlimted members were able to have up to four reservations on the calendar at one time, two of which could be advanced reservations. Members were able to gift up to two weeks per year to their friends, family, and colleages at their leisure and members had full holiday privileges.

When LUSSO officially launched in June of 2006, the LUSSO Unlimited membership was publicly offered for $325,000 with annual dues of $25,000.

In September of 2008, a mere three months prior to the club's bankruptcy filing, LUSSO announced a price increase that would take effect on October 31 that would increase the LUSSO Unlimited Membership up to $445,000 and annual dues to $31,000 per annum. The club would extend this deadline to January 31, 2009. "The last thing we want is to become another economic stress in your life. We look forward to welcoming you to our club when the time is best for you."

The scheduled price increase just months prior to the club's bankruptcy filing has been viewed as a last minute attempt to help drive interested prospects to join at the $425,000 price point.

LUSSO 21 Membership

Created in July of 2008, the LUSSO 21 Membership didn't have a great deal of time to get off the ground as the club filed for bankruptcy in December of that year. As such, LUSSO never approached the 50 LUSSO 21 limit that they set before they would discontinue the membership option.

"We are excited about offering LUSSO 21, which was developed based on feedback that we have received from people who want to experience The LUSSO Collection but who may not travel extensively," said LUSSO's Founder and CEO Steve Greer. "Our club continutes to evolve based on how to best serve our ever-growing membership base and to meet our ever-present goal of providing truly luxurious getaways for individuals who love to travel."

As you can assume from the name, LUSSO 21 provided members 21 nights of annual access to the club's portfolio of homes. Members paid a fully refundable membership deposit of $325,000 to join and annual dues of $21,000 per year. The membership functioned much like the LUSSO Unlimited Membership, minus some reservation restrictions.

LUSSO 21 members were allowed to have up to two reservations on the calendar at one time, one of which could be an advanced reservation. Like the LUSSO Unlimited Membership, LUSSO 21 members had full holiday privileges. Members could also gift one of their three weeks of annual usage to friends, family, or colleagues at their discretion.

In September of 2008, just months prior to their bankruptcy filing, LUSSO Collection announced that they would be increasing the price for their LUSSO Unlimited membership. The LUSSO 21 Membership was not to be altered.

MEMBERSHIP PRICING

Launched officially in June of 2006, The LUSSO Collection offered just one membership plan for all but approximately five months of their time within the destination club sector. Joining their LUSSO Unlimited Membership, the club would add LUSSO 21 in July of 2008. Unfortunately, the destination club would file for Chapter 11 bankruptcy in December of that same year and eventually transition to Chapter 7 early in 2009.

LUSSO Unlimited Membership

The membership plan initially offered to members and the most popular offering within the club, LUSSO Unlimited provided members unlimited annual usage of the club's properties, subject to the club's rules and regulations and availability.

When the club was forced into bankruptcy in December of 2008, LUSSO Unlimited Membership were available for a fully refundable membership deposit of $425,000. When the club officially launched in June of 2006, the LUSSO Unlimited Membership was available for $325,000.

In September of 2008, a mere three months prior to the club's bankruptcy filing, LUSSO announced a price increase that would take effect on October 31 that would increase the LUSSO Unlimited Membership up to $445,000. The club would extend this deadline to January 31, 2009. "The last thing we want is to become another economic stress in your life. We look forward to welcoming you to our club when the time is best for you."

LUSSO 21 Membership

Created in July of 2008, the LUSSO 21 Membership was only available for a short period of time as the club would file for bankruptcy in December of the same year.

"We are excited about offering LUSSO 21, which was developed based on feedback that we have received from people who want to experience The LUSSO Collection but who may not travel extensively," said LUSSO's Founder and CEO Steve Greer.

Not surprisingly, the LUSSO 21 Membership provided members 21 nights of annual access to the club's portfolio of homes. Members paid a fully refundable membership deposit of $325,000 to join. The membership functioned much like the LUSSO Unlimited Membership, minus some reservation restrictions and less annual usage.

To learn more about the annual costs associated with these membership plans, please visit our LUSSO Collection Annual Dues page.

ANNUAL DUES

With the mentality that members should all operate on "a level playing field," The LUSSO Collection and Founder Steve Greer moved forward with just one membership plan for the vast majority of their time in the destination club sector.

LUSSO's sole membership package for much of their time in the industry was the LUSSO Unlimited Membership that provided for unlimited nightly annual travel. Less than six months prior to their bankruptcy filing, LUSSO also introduced a new membership called LUSSO 21 that provided the same level of service, but only 21 nights of annual travel.

Please learn more about the two membership plans below.

LUSSO Unlimited Membership

The primary and most popular membership plan at The LUSSO Collection, LUSSO Unlimited allowed members to travel on an unlimited basis annually to the club's properties, subject to the club's rules and regulations.

When the club was forced into bankruptcy in December of 2008, LUSSO Unlimited Membership was charging $28,000 per year, just $7,000 more than the annual dues of LUSSO 21 that provided 21 nights of annual usage.

When LUSSO officially launched in June of 2006, the LUSSO Unlimited membership cost $25,000 per year in annual dues.

In September of 2008, just three months prior to the club's bankruptcy filing, LUSSO announced a price increase that would take effect on October 31. LUSSO would be increasing the price of their membership deposit and moving annual dues to $31,000 per annum. The club would eventually extend this deadline to January 31, 2009. "The last thing we want is to become another economic stress in your life. We look forward to welcoming you to our club when the time is best for you."

This price increase was considered an attempt to help drive people to act prior to the price increase while the club's bankruptcy was looming.

To learn more about the club's pricing, please visit The LUSSO Collection's membership pricing page or access The LUSSO Collection's membership plans page.

LUSSO 21 Membership

Created in July of 2008, the LUSSO 21 Membership was designed for "people who want to experience The LUSSO Collection but who may not travel extensively." In contrast to the club's LUSSO Unlimited Membership that provided for unlimited annual travel, LUSSO 21 not surprisingly offered 21 nights of annual access.

Members paid a fully refundable membership deposit to join and annual dues of $21,000 per year. The membership functioned much like the LUSSO Unlimited Membership, minus some reservation restrictions.

In September of 2008, just months prior to their December bankruptcy filing, LUSSO Collection announced that they would be increasing the price for their LUSSO Unlimited membership. The LUSSO 21 Membership was not to be altered.

PROPERTIES

Members of the LUSSO Collection would have unlimited access to the club's planned 100 properties. Depending on the location, properties would be valued between $2 and $4 million each, averaging $3 million throughout the total portfolio.

  • Aspen, Colorado
  • Abaco, The Bahamas
  • Cabo San Lucas, Mexico
  • Copper Mountain, Colorado
  • Deer Valley, Utah
  • Big Island, Hawaii
  • Jackson Hole, Wyoming
  • Kiawah Island, South Carolina
  • La Jolla, California
  • Lake Tahoe, California
  • Miami, Florida
  • Naples, Florida
  • New York, New York
  • Scottsdale, Arizona
  • Provo, Turks & Caicos
  • Tuscany, Italy

According to the club's literature, "Residences will be handsomely appointed in a style reflective of their location and typically feature gourmet kitchens, beautifully appointed living and dining areas, state-of-the-art entertainment systems, high-speed Internet connectivity and, in many cases, private pools and spas. When we purchase property for LUSSO we are meticulous in our selection — is the home situated to maximize daytime sun exposure on the pool/patio area? Will you get the best vantage point for those city light and sunset views? We've thought of all these things and many more."

LUSSO also stated that they would spend in excess of $250,000 in furnishings for each of their properties and stock residences with destination specific equipment, such as golf clubs in Scottsdale and bicycles in Kiawah Island.

Despite positive growth virtually since their inception, LUSSO had virtually no new membership sales in 2008. Coupled with some questionable business decisions, and the popular destination club was forced to file for Chapter 11 bankruptcy late in 2008 and transitioned their filing to Chapter 7 in early 2009.

USAGE

For the majority of the boutique destination club's time in the industry, LUSSO Collection offered just one membership plan, LUSSO Unlimited. Members could travel on an unlimited annual basis, subject to the club's rules and regulation and property availability.

Late in the club's history, LUSSO Collection would introduce LUSSO 21, a membership plan providing the same services as LUSSO Unlimited, but with only 21 nights of annual access.

LUSSO would have three different reservation classifications based on the time at which the reservation was made.

Standard Reservations
Standard reservations would be those made between 15 and 365 days prior to travel. Reservations could be made for a maximum of 14 consecutive nights and a minimum of two consecutive nights. Members could have up to four standard reservations in the reservation calendar at one time, not to exceed 35 nights.

Advanced Reservations
Defined as reservations made between 366 and 730 days in advance of travel, advanced reservations allowed members the ability to stay for up to seven consecutive nights or as few as two consecutive nights. Members could not hold more than two advanced reservations at one time, not to exceed 14 nights.

Short Notice Reservations
Short notice reservations were those made less than 15 days prior to travel. These types of reservations allowed a member the ability to stay for 14 consecutive nights or as few as one night. Members could make unlimited short notice reservations throughout the year.

The general policies regarding travel within the LUSSO Collection include:

  • Members cannot reserve more than one Club Property for the same day unless the Member is leaving one Club Property and arriving into another Club Property on the same day.
  • All reservations of Club Properties are made on a first-come, first-served basis and subject to availability of a property, at the time the reservation is made, for the desired duration in the Club Location of the Member's choice.
  • A Member may not return, or schedule to return, to a Club destination within 14 days of the end of a stay, or scheduled stay, at that same destination, except under a Short Notice Reservation
  • No more than two of a Member's permitted maximum of four Standard Reservations and two Advanced Reservations at any point in time may be for the same Club location. Short Notice Reservations are excluded from this provision.

These travel benefits were one of the leading reasons how LUSSO Collection established themselves as one of the industry's largest destination clubs. Unfortunately, with virtually no material sales in 2008, LUSSO was forced into bankruptcy.

If you would like to learn more about the club's bankruptcy, visit our LUSSO Collection Documents.

HOLIDAY ACCESS

When a new member joined The LUSSO Collection, they would be placed in one of three priority groups. Each year, these priority groups would rotate from one holiday period to another, allowing members of each group preferred access during a given holiday timeframe.

Priority Group One

  • Christmas: Defined annually as either a Wednesday to Wednesday week or Saturday to Saturday week that included Christmas Day.
  • New Year's: Defined annually as either a Wednesday to Wednesday week or Saturday to Saturday week that included New Year's Day.

Priority Group Two

  • President's Day: Starting Wednesday and ending the Wednesday following that included President's Day.
  • Spring Break (Four Weeks): Starting Saturday and ending the Saturday following, which may or may not include Easter.

Priority Group Three

  • Memorial Day: Starting Wednesday and ending the Wednesday following that included Memorial Day.
  • Independence Day: Defined annually typically as Wednesday to Wednesday week or Saturday to Saturday week that included Independence Day.
  • Labor Day: Starting Wednesday and ending the Wednesday following that included Labor Day.
  • Thanksgiving: Starting Wednesday and ending the Wednesday following that included Thanksgiving.

Members would rotate through each of the three Priority Groups over a three year period, changing each year. Based on the Priority Group and the attached holiday periods, reservations were made between four and six months in advance.

A structure like the one used at LUSSO provides for a great deal of access for members during holiday periods as only one third of the club's members would be actively reserving properties during a select peak period. The downside is members who only want to travel during Christmas, for example, would only be able to access that period once in a three year cycle.

If travel during these high occupancy periods is important to you, there are several pointed due diligence questions you should ask destination clubs you are considering for membership.

MEMBERS

Officially launched in June of 2006 after operating in "stealth mode," LUSSO Collection had already established a membership base of over 30 members prior to their introduction. The young club offered a series of attractive member benefits, including unlimited annual travel, a full refund of members' deposits, and a launch collection of 14 homes in eight destinations.

Branding themselves as the industry's leading "boutique" destination club, LUSSO would limit their total members to 550 with access to an eventual 100 properties. The club would place a cap on the number of members it would accept from each region and the number of members it would accept with school aged children, in both cases to help maximize availability to members.

By early 2008, the club had made positive gains and had grown to well over 100 members. LUSSO would eventually offer a new membership plan, LUSSO 21, providing members the same properties and service as Unlimited members but with 21 nights of annual usage.

As the financial and real estate markets began to drop, so did interest in the luxury travel sector, with the LUSSO Collection adversely affected like many other leading destination clubs.

By the end of 2008, LUSSO filed for Chapter 11 bankruptcy and early 2009 led to a transition to Chapter 7. By the club's conclusion, LUSSO had over 150 members, largely all LUSSO Unlimited members.

Following the bankruptcy announcement, many other destination clubs pursued the LUSSO membership base, including Equity Estates, Quintess, and the Abercrombie & Kent Residence Club, with many members finding new homes at these clubs, others left unsure about the destination club model, and others waiting for the conclusion of the LUSSO Collection bankruptcy filing.

RESIGNATION

Members within The LUSSO Collection were required to stay within the club for a minimum of 18 months before they were eligible for redemption. A primary component of the LUSSO Collection offering was the 100% redemption policy where members received the full amount of their deposit if they elected to leave the club.

Members were redeemed on a "three in, one out" basis, where three new members were needed to join the club before one member from the club's resignation list would be repaid and redeemed. Once the club reached it's full capacity, members would be redeemed on a "one in, one out" basis.

A component of the LUSSO offering and the financial security of members' deposits was DepositTrust®. According to the destination club, "One important feature of the Club's commitment to the financial security of membership deposits is DepositTrust®. The Club commits that all of its real estate interests will be held by subsidiary LLCs owned 100 percent by the Club and pledges all of its ownership in these LLCs to a Trust set up to benefit the Members. This provides Members a secured position. The Trust also provides that the Members themselves may assume control of the Trust if they so desire. In addition each Member's Membership Agreement contains a commitment that 85 percent of member deposits are either used for Club Property purposes or held in cash."

"We have capitalized the Club and carefully assembled our business plan to minimize the risk of any membership deposit loss at any time, even if a "worst case scenario" were to occur and the Club was unable to continue to sell memberships. We have built in limitations with our investors such that no distributions will be paid to any investors until the Club has demonstrated a strong track record of membership sales and is operating at above a break-even level of cash flow (comparing all cash needs to the sum of Annual Dues being received from Members)."

"When you combine DepositTrust®, the Club's business model, and the contractual commitment to financial security and disclosure—including a semi-annual financial report to Members showing, among other things, the extent to which the Club's net assets cover the Club's liability to repay member deposits and the uses to which we have put the membership deposits that we have received—you have the best financial assurance package in the destination club industry."

When LUSSO made their official launch in June of 2006, the club offered members the potential to receive a portion of the increased value of their membership deposit. The club stated, "The LUSSO Collection believes members should reap the potential rewards of this position by giving members a 100% refund of their original deposit, and additionally receiving a 50% share of any increase in the original membership deposit during the period they were a member."

When redeeming an exiting member, LUSSO would average the sale price of the last several new memberships to determine the value owed to the resigning member.

EXECUTIVES

According to the LUSSO Collection's collateral, "LUSSO's management team brings a broad range of skills to the important task of running a growing, multinational real estate and hospitality-focused organization. The team's range of backgrounds encompasses real estate development, property management, hospitality, financial management, corporate strategy, business development, sales and marketing, and customer service. This carefully designed mix allows the Club to benefit from individuals with a depth of industry-related experience and individuals bringing expert business skills but providing a fresh view on the industry. This blend of experience from both within and outside of the luxury hospitality industry ensures that we are neither learning the business as we go nor "tunnel visioned" by past experiences.

Steve Greer
Founder and Chief Executive Officer

Kiersten Hegna
Vice President of Service Delivery

Tanya Turner
Vice President of Strategic Partnerships

Despite this "broad range of skills," LUSSO Collection filed for Chapter 11 bankruptcy late in 2008. By February of 2009, the club had converted to Chapter 7 bankruptcy.

The executive and management teams at a destination club can greatly impact how the club grows and the future of the club.

NOTES FROM THE CLUB

When The LUSSO Collection officially launched in June of 2006, the young destination club already had over 30 members to their name. Limiting their total membership to just 550 members, LUSSO would steadfastly adhere to a 5.5 to 1 member to property ratio, allow members unlimited access to their property portfolio, and unmatched service within the destination club industry.

One of the most popular destination clubs in the sector, LUSSO garnered praise for its service, availability, and property collection. According to a 2007 survey of club members, the online reservation process, concierge services, availability of residences, quality of home furnishings, value, the club's destination research tools, and various other metrics all received higher than a 90% satisfaction score from the club's members. Despite the high scores, LUSSO wrote, "While the Survey responses were very gratifying we will resist any temptation to rest on our laurels."

Ultimately, the boutique destination club grew to over 150 members, but as 2008 began, membership sales for the club all but came to a stop. With the financial and real estate markets in decline, interest in luxury travel followed suit and many within the destination club sector were dramatically affected.

While other leading clubs such as Solstice Collection and High Country Club would file for bankruptcy, LUSSO would be the first of the major clubs to file with their Chapter 11 petition late in 2008.

By early 2009, they had transitioned their filing from Chapter 11 to Chapter 7, and other leading clubs had begun to make substantial offers to the former membership base of LUSSO, including the Abercrombie & Kent Residence Club, Equity Estates, and a rather established and fleshed out offer from Quintess, LRW.

Due to the club's bankruptcy, there are no Notes From The Club from The LUSSO Collection.

PARTNERSHIPS

As part of their LUSSO Collection membership, a select group of benefits were provided to members through the club's partnership network.

"Through the services of Luxury Attaché, LUSSO Members receive VIP treatment wherever and whenever they want to indulge themselves. Whether at home, on travels with or without LUSSO, for business or pleasure being a Member of LUSSO provides you an exclusive "in" to things you may have formerly regarded as inaccessible."

In case of injury during any stays at the LUSSO Collection property portfolio, members clubs could be taken to the hospital of their choice via a partnership with Medjet Assist. LUSSO members received a one year membership with the organization and discounted coverage thereafter.

Through a partnership with the US Ski and Snowboard Association, LUSSO would procure two "Gold Passes" annually for each of its ski residences. Effectively lift tickets for local slopes, use of the Gold Pass would "typically be 30%-50% lower than a Member would pay for a daily lift ticket."

Providing members full access to over 50 private golf clubs over 25 states, LUSSO's partnership with The World Golf Group also allowed members access to one-on-one instruction at 14 golf schools and exclusive golf events.

PRESS RELEASES

When LUSSO Collection launched in 2006, the boutique destination club already had 30 members and an established portfolio of $3 million luxury residences available exclusively to members.

Almost 16 months to the day following their launch, The LUSSO Collection surpassed the 100 member mark and had established themselves as one of the fastest growing and popular clubs in the sector. In a 2007 survey of members, nearly every metric the club monitored was rated with a satisfaction level above 90%, including properties, availability, reservations, and services.

Despite these positive strides, when 2008 began, LUSSO Collection began to stumble. Like virtually every other destination club, LUSSO saw a sharp dip in interest as the credit, financial, and real estate markets began their historic declines. With no material new membership sales in 2008, the club filed for Chapter 11 bankruptcy towards the end of the year. By early 2009, the filing had been transitioned to Chapter 7.

Below, please find our LUSSO Collection press release archive.

VREP, LLLP, DBA The LUSSO Collection, Announces Intent To File Chapter 11 Bankruptcy Petition
Date: December 5, 2008
Citing the current financial crisis and a "precipitous drop in new member enrollments and a significant contraction in the availability of debt financing," The LUSSO Collection will file a petition for Chapter 11 reorganization to "protect the club's assets and maximize value for creditors."

The LUSSO Collection Expands Into Europe With New Property In Tuscany, Italy
Date: September 22, 2008
The LUSSO Collection introduces their first European property, a 500 year old Tuscan farmhouse known as La Ripa. Europe has dominated the list of most desired destinations and the new residence outside Cortona has been called "an ideal base camp for you to explore" all that Tuscany has to offer.

New LUSSO Collection Members To Receive Hundreds of Thousands of Frequent Flier Miles
Date: August 20, 2008
The boutique destination club The LUSSO Collection will offer new members that join before September 30 a substantial frequent flier reward where every dollar spent on a new membership will translate to one frequent flier mile through a wide assortment of participating airlines.

LUSSO Collection Announces New Membership Offering July 30, 2008

LUSSO Collection Hires Tanya Turner As Vice President of Strategic Partnerships June 18, 2008

LUSSO Collection Acquires new Properties In Anguilla, Cabo, and Naples June 18, 2008

Turks & Caicos Constentina Residence Acquired By The LUSSO Collection April 24, 2008

LUSSO Collection Web Site Offers Enhanced Visual Imagery and Quick Information For Those Who Want Hassle Free Vacations January 14, 2008

LUSSO Collection Passes 100 Member Milestone October 18, 2007

LUSSO Collection Member's Survey Lauds Availabity, Unlimited Usage, and Service
September 18, 2007

Naples and Abaco Newest Home Acquisitions For The LUSSO Collection June 20, 2007

VIP Slope Access At Destination Ski Resorts As Part of The LUSSO Life June 4, 2007

Corporate Golf and LUSSO Collection Pair Up As Part of The LUSSO Life May 21, 2007

LUSSO Collection DepositTrust Initiative Ensures Members Have Secured Position In The Club's Real Estate November 28, 2006

LUSSO Collection Announces Partnership With MedJetAssist As Part of LUSSO Life November 3, 2006

LUSSO Collection Announces New Concierge Service For Its Members July 31, 2006

LUSSO Collection Enters Luxury Destination Club Market June 19, 2006

Questions about LUSSO Collection

What was the LUSSO Collection?

A boutique destination club founded in 2005 and launched in June 2006 with 14 homes and about 30 members. It planned to stop at 550 members and 100 homes, and kept a member to property ratio of five and a half to one.

How much did LUSSO membership cost?

The LUSSO Unlimited Membership cost a fully refundable deposit of $325,000 at launch and $425,000 by December 2008. A second plan, LUSSO 21, with 21 nights a year, was added in July 2008.

What was DepositTrust?

LUSSO's name for its deposit protection: the club held its real estate in subsidiaries it owned outright and pledged those subsidiaries to a trust for the benefit of members. Members became eligible for a full refund after 18 months, paid on a three in, one out basis.

What happened to the LUSSO Collection?

With almost no new membership sales in 2008, the club announced in December 2008 that it would file for Chapter 11, citing the financial crisis and a sharp drop in new enrollments. Early in 2009 the case was converted to Chapter 7.