Demeure Announces Completion of Transaction to Acquire Ultimate Escapes' Assets
WATERLOO, Ontario, Nov. 29, 2010 /PRNewswire/ -- Demeure, a next generation travel community through which members access the world's finest vacation homes at discounted rates and without costly membership capital contributions or deposits, today announced that it has completed the transaction to acquire certain assets from the estate of Ultimate Escapes. This includes operational assets and staff, which will ensure a smooth return to travel for all former Ultimate Escapes members who join the Demeure community, in addition to properties in New York City, Chicago, Miami, and California.
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"We have completed a turnaround for former Ultimate Escapes members: we have resumed travel in time for the holiday season, and have gone beyond that and provided an opportunity for members to purchase homes in their portfolio," said Peter Schwartz, Chairman and CEO of Demeure. "The entire team here at Demeure looks forward to putting members' losses behind them, resuming regular club operations, and providing incredible travel experiences within the Demeure community."
Demeure, which provides individual attention to all members through its travel planning services, offers access to a suite of unique travel benefits and premium customer service at discounted rates to incredible properties throughout the world.
Transition Benefits: Demeure is extending an exclusive invitation to transitioning Ultimate Escapes members which includes the waiving of initiation fees, the provision of goodwill travel credits to help offset dues recently lost in the UE bankruptcy, and waiver of additional corporate and family account fees. Demeure has extended this invitation to former UE members through December 3, 2010 in preparation for the resumption of regular travel services December 4, 2010.
Property Purchase Lottery: Former UE members will be participating in Demeure's property purchase lottery on November 29, 2010, which will offer them an opportunity to purchase properties in the former UE portfolio. As part of the agreement with a successful purchase, members then make the homes available to other Demeure Club members, which ultimately provides the member with fair exchange credit, which can be used throughout the entire Demeure property portfolio.
Demeure management and staff across North America are currently working with hundreds of members through the transition process in preparation for the resumption of travel and regular operations effective December 4, 2010.
ABOUT DEMEURE
Demeure is a community of discerning travelers that provides access to homes, villas, flats and hotels in sought after locations at significant discounts. Demeure's management team includes travel, financial and supply chain management experts who have developed a vacation club model that responds to the needs of the market with minimal financial risk. Demeure delivers smart, flexible and cost efficient access to properties all around the world.
Members of UE who have further inquiries may continue to submit them via email to [email protected] or by calling 1-877-774-8738 or 1-877-814-2919 from 9am to 5pm CST, or visit: http://www.demeure.com/news/ultimate-escapes.
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