Abercrombie & Kent Destination Clubs Completes Real Estate Acquisitions Totaling $80 Million

Abercrombie & Kent Destination Clubs, the founder and market leader of today's multi-hundred-million-dollar Destination Club industry, recently completed nearly $80 million worth of investments in resort properties throughout the world.


"As the premier option for second home ownership, A&K Destination Clubs is about to complete our fifth straight year of strong triple-digit membership growth," says CEO Rob McGrath. "With enrollment exceeding $130 million this year -- more than double 2003's $60 million -- these real estate investments further solidify us as leaders in the industry we created."

The company's newest acquisitions are located in the Caribbean (Bermuda, Bahamas and Nevis), Europe (London, Paris and Tuscany) and Las Vegas. They include:

-- $22 million for 10 residences at The Abaco Club in the Bahamas, four of which become available in late 2004 and the remainder in late 2005.

-- $12 million toward the initial development of 10 residences at Bermuda's new Lantana Resort. Scheduled to open in mid-2006, the company will invest an additional $10 million in the Lantana residences prior to opening.

-- $16 million for seven villas and additional land at Villa Paradiso in Nevis. The company will make additional investments in 2005 to complete nine additional villas by the end of 2005.

-- $10 million for four residences at Castello di Reschio on the border of Tuscany and Umbria, scheduled to open in early 2006.

-- $8 million for four city residences at The Knightsbridge in London, opening mid-2005.

-- $4.5 million for three city residences on Boulevard St. Germain in Paris, becoming available mid-2005.

-- $8 million toward the acquisition of seven city suites at Las Vegas' new luxury condominium tower, The Residences at MGM Grand, opening in summer 2006.

Additionally, the company has recently acquired a number of residences throughout the Rocky Mountains and Western U.S.

"As the founder and leader of this industry, we continue to set standards above the rest and alter the paradigms for customized travel," continues McGrath. "This additional inventory speaks to our commitment to satisfy our Members' lifestyle needs."

In 1999, Abercrombie & Kent Destination Clubs launched what was to become a new trend in luxury travel in which personalized attention was coupled with privacy and choice. This sophisticated and yet surprisingly simple and convenient product is the innovative alternative to owning a second or third vacation home. Instead of owning a second home and being limited to that single resort location, each A&K Destination Club Member has virtually unlimited 365-days-a-year access to more than 130 multimillion-dollar residences in more than 30 world-class resort destinations. For Members in residence, the Clubs' staff delivers the services expected of a five-star hotel within the confines of a private residence.

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