The economic recession appears to have hit luxury vacations as well. Steve Case’s Exclusive Resorts have downgraded their services and are now offering Portico, a new travel service. Portico is a private club that allows the members to make use of their vacation properties at unbelievably low prices while still accessing world-class luxuries. Earlier Exclusive Resorts would charge its members a $175,000 initiation fee and $1,045 per day for travel. With Portico, the members-only have to pay a $10,000 initiation fee and an annual fee of $2,500. It doesn’t sound like a bad deal, does it? This exclusive membership includes a choice of below-market price vacation homes anywhere globally with fully personalized service comparable to a five-star living.
In his interview, Philippe Bourguignon, the CEO of Exclusive Resorts, felt it was time to create a new market. He said, “Today if you want to go on a luxury vacation, you have basically two choices. You can go to a hotel, and you know what you will get. Most hotel brands have a wide selection of destinations, but they basically all offer the same service. Your other choice is renting a vacation home, where you obviously have more space for yourself and your family, but you don’t have the service that you would find at a hotel.
You might have a housekeeper; you might not. It’s not predictable and consistent. We strongly believe in a market in the middle where so many people want to have that consistent and more predictable experience with better service. Portico gives you hotel experience in a big nice luxury villa”.
[Porticoclub via – Fortune]