Ultimate Resort is closing out the second phase of their Charter Membership program at the end of January. The destination club will place new applications on a waiting list and shift their resources to expanding its current portfolio of 7 homes. An email from Steve Healey, Membership Director, states:

“As a result of hundreds of recent inquiries, and in keeping with our commitment to a low member-to-property ratio and conservative growth, we will not be accepting new memberships after February 1st. Over the next few months we will focus on adding several club residences in the Bahamas, Hawaii, Lake Tahoe and other exciting destinations to our club property portfolio to satisfy our membership growth and member satisfaction.”

According to their charter membership offer, Ultimate Resort is accepting 40 members in Phase II for an initial membership fee of $150,000 (corporate $165,000). Presumably, as the club closes out the current phase, it will use the $6MM+ in capital to acquire and develop new homes before launching Phase III. The club recently signed Doc Rivers, coach of the Boston Celtics, as a celebrity member.

In the next phase, the initial membership fee increases to $175,000 (corporate $190,000). Even with the $25,000 increase, we classify Ultimate Resort as a “value tier” destination club, with 3 to 5 bedroom homes averaging 3,000 sq. ft. and $2 million in value.