DC4MS

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.