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| Administrator Join Date: Oct 2007 Location: USA
Posts: 1,504
Club: DC4MS.com | SherpaReport has a table outlining the two membership levels for Tanner & Haley members that transfer to Ultimate Resort. Tanner & Haley Final Sale - SherpaReport The membership levels being offered are shown in the table below: Tanner & Haley Club - Private Retreats New Ultimate Resort club level 1 - lifetime bronze membership Market value = $125,000 Annual Dues = $9,500 Tanner & Haley Club - Distinctive Retreats New Ultimate Resort club level 2 - lifetime bronze membership Market value = $200,000 Annual Dues = $14,000 Tanner & Haley Club - Legendary Retreats New Ultimate Resort club level 2 - lifetime platinum membership Market value = $350,000 Annual Dues = $24,500 Club 1 plans to have homes with an average value of $2m and Club 2 homes will have an average value of $3.5m. The acquisition by Ultimate Resorts still needs the approval of 400 of Tanner & Haley's 874 members. As part of the conversion, members will also be offered the opportunity to invest in the equity of the club they join. All 120 employees at T&H will be offered employment under this deal. T&H filed for chapter 11 bankruptcy this summer and went through a process that included talking to 27 potential acquirer's, which resulted in six formal offers for the T&H assets and serious discussions with 3 of the potential acquires. This was the first ever bankruptcy filing in the Destination Club industry. |
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