I have two close friends who are members of Exclusive Resorts (i.e., I am and ER freeloader) and have been fortunate enough to stay at several properties. Some thoughts:

—ER, and the whole fractional concept, strikes me as perfect for a family that always travels with a possee (nanny, in-laws, etc.). 4 rooms at the St. Regis in Aspen over the holidays is going to run $30-40k/week. ER not only makes economic sense, but the houses afford a phatter lifestyle experience than 4 adjoining rooms, or two suites in a hotel. Makes no sense for a single guy or couples with no children as you can find nice digs (great hotel room) for less than $600/night anywhere in the world, which is less than the fees for ER.

—The properties are great. I have been to Cabo twice, Freport Maine, and on the World (rooms on a condo luxury ship that circumnavigates the globe).

—Cabo, there are houses and condos (each approx. 3500 square feet) on the Esperanza property. The houses are more private and have nicer outdoor areas for cooking and lounging. The condos are oversized hotel suites more centrally located on the property which have more tastefull finishes and are more “in the mix” of the hotel Esperanza itself.

—Freport, I thought this was uninspiring. Nice big house, nothing wrong with it, but you felt as if you were in a development that never took root somehow. The adjoining golf club is very nice and a solid track.--The World, an unusual concept--huge two bedrooms berths on a ship. Hard to imagine better accomodations on a boat and the food was good. Key is, obviously, picking where you want to join the world and what your want to see. Felt a bit strange as the whole concept has not worked (I think it went BK and the people who had purchased rooms bought the boat). Not enough people on the boat to feel any sense of comunitty or justify stores or amenities being open/available 24/7 vs. typical hotel/ship.

—Service at the resorts is strong on effort and weak on execution. They try really hard (e.g., will run out to get you dessert if you request it, but will come back with oreos and cheese wiz). There is a reason Four Seasons can charge $600/night for a 350 square foot room. With the growth they are experiencing, I think on property service will continure to be an issue.

—Both my friends have expressed frustration with availability (if this isn’t an issue, that means you belong to a club that is going out of business), but always seem to be headed off to a, you guessed it, ER property.