DENVER-Steve Case, co-founder of American Online, has purchased a 50% ownership stake in Exclusive Resorts and joined the board of the privately held Denver-based company that provides expensive homes around the world for members. Case says his investment represents part of a strategic portfolio of post-AOL investments.
Case also says he intends to partner with a handful of entrepreneurs that are developing innovative approaches and breakthrough business models that give consumers more choice, control and convenience. “I believe Exclusive Resorts has identified an under-served market and has developed a compelling model for filling that need,” Case says. “Just as the concept of the mortgage made home ownership a reality for many more families, the Exclusive Resorts membership concept opens the doors of luxury vacation homes to more people than ever before.”
Case actually made his investment last summer, but it was only recently announced. “I am pleased with the progress the company has made since I invested six months ago and believe Exclusive Resorts now has the momentum to build a great company and provide a better alternative for consumers,” he went on to say.
Five executives with experience in building consumer businesses have agreed to join Steve Case and Exclusive Resorts' co-founders Brad and Brent Handler as members of the company's board. They are: Todd Chaffee, Managing Director of Institutional Venture Partners and former EVP of VISA International and founder of Grand Expeditions, a global travel company; Donn Davis, Managing Partner of Fieldhouse Capital and former President of the AOL Interactive Properties Group and Founder and President of Tribune Company's venture capital unit; John Fahey, CEO and President of National Geographic and former Chairman and CEO of Time-Life Inc.; David Golden, Managing Director of JP Morgan, leader of the Technology, Media and Telecommunications group and a member of JP Morgan's worldwide management committee; and Christine A. Varney, head of the Internet Law Practice Group at Hogan & Hartson LLP and formerly the Federal Trade Commissioner.
It costs $295,000 to join, and with 90 days notice, members are guaranteed to be able to stay at numerous homes, villas and condos in resorts from Aspen to Hawaii. The average price of a home in its portfolio is $2.5 million.
To handle its rapid growth, Exclusive Resorts has expanded its management team, adding executives from companies in the luxury hospitality and real estate industries. In addition to Brad and Brent Handler, the senior management team now includes: Tom Filippini, co-founder and EVP of sales, with a background in mergers and acquisitions primarily in the leisure and hospitality arena; Brian Greenman as SVP and CFO, with previous experience in the financial leadership of Hyatt; Todd Harris as SVP of Member Relations, who has 14 years of executive hospitality experience with Ritz Carlton; and Cathy Ross as SVP of Operations, who led the property acquisition, development and financing operations at Destination Hotels & Resorts.
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