Tanner & Haley Final Sale Print E-mail
Tuesday, 05 December 2006 14:38
It looks like members of Tanner & Haley (T&H) will end up at Ultimate Resorts after all, following a bankruptcy hearing last week. Under the agreement T&H members will be offered memberships in 2 new clubs.

 

The membership levels being offered are shown in the table below:


T&H Club New Club New Membership Level Market Value Annual Fee
Private Retreats Club 1 Lifetime Bronze Membership $125,000 $9,500
Distinctive Retreats Club 2 Lifetime Bronze Membership $200,000 $14,000
Legendary Retreats Club 2 Lifetime Platinum Membership $350,000 $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 & Haleys 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 acquirers. This was the first ever bankruptcy filing in the Destination Club industry.

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Last Updated on Tuesday, 05 December 2006 14:41
 
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