Premiere, Platinum, and now Pinnacle. Private Escapes launched their third destination club on Monday, entering the crowded but rapidly growing luxury segment of the market.

A charter group of 15 members have joined at a $350,000 membership deposit and $22,000 annual dues. When factoring in the nightly fees of $185 and a 100% refund, we calculate a nightly fee of $1,669. The figure is on par with the cost-per-night estimates of other luxury destination clubs offering homes in the $3 million range.

We previewed the new offering last week. Since then, Private Escapes has added more information to their website and purchased a full-page Wall Street Journal advertisement to announce Pinnacle.

The program’s features are similar to other luxury contenders (click here to download their complete FAQs, 60KB PDF):

• Luxurious accommodations, designer linens, plush terry robes
• Gourmet kitchens
• Discreet daily housekeeping
• High–end entertainment packages including plasma TV, video library and game systems
• High–speed internet (where available)
• Home office including all–in–one printer
• Maximum 6:1 member-to-property ratio for highest availability in the industry
• Reciprocal privileges with Private Escapes Premiere and Platinum for even greater availability and travel experiences
• Full–time on–staff Escape Planner – a personal assistant who can reserve a property, arrange air and ground transportation, and handle any and all special requests, from finding ski instructors to reserving a tee time. All you need to do is call and ask.
• Five–star on–site concierge services – a Local Host who can handle all arrangements before you arrive, from stocking the refrigerator to chilling the champagne.
• Optional private jet service – Private Escapes Destination Clubs purchases blocks of time from leading fractional jet providers so you don’t have to. Travel on your schedule effortlessly, reliably, and from an airport nearest your home. Your Escape Planner will make private air travel arrangements for you, even with short notice of less than a day.

What’s different is Private Escapes’ unique “club credit” program:

“For a limited number of charter members, Private Escapes Pinnacle will distribute 10 percent of the estimated appreciation from its resort real estate holdings to Pinnacle members.”

Earlier this year, the club distributed $3,421 in credits to its Platinum members, so there’s evidence the program has worked in the past. However, it’s worth noting the credit should not be considered an investment and the club makes no guarantees of upside. The firm is careful not to use the term “equity” in describing its version of a member appreciation program.

It’s more important to consider whether the club has assets to back its 100% refundable membership deposit. In our interview with CEO Richard Keith following the Tanner & Haley banktruptcy, we learned the club minimizes its leased homes and has shown steady growth over the past three years. If Premiere and Platinum are any indication, then Pinnacle stands to demonstrate the same success.

Image courtesy http://www.private-escapes.com.