Steve Case Increases ‘Exclusive’ Ownership Stake

23rd Nov 2004

Exclusive Resorts announced today that Steve Case, co-founder of America Online and one of the world’s leading business visionaries has increased his majority ownership in Exclusive Resorts and has become Chairman of the Company. The Company disclosed that in the past 12 months, the Exclusive Resorts membership sales exceeded $250 million, and the Company’s portfolio of owned real estate has grown to over $600 million, making it the largest luxury vacation residence portfolio in the consumer marketplace. The Company also announced that Mr. Case has assembled a world-class management team to continue the consumer focus and growth of Exclusive Resorts. “The Exclusive Resorts innovative product offers people a dramatically better way to travel and vacation with family and friends. What attracted me a little over a year ago to acquire a controlling interest in the Company is that Exclusive Resorts makes vacation homes more accessible and more affordable to more people, much as mortgages made home ownership possible for the public-at-large,” stated Mr. Case. “I enjoy working closely with the Company’s entrepreneurial co-founders to build a successful consumer focused company around this unique concept. In a little over a year, the Company’s membership has grown almost 20 fold, and the Company’s real estate portfolio has grown over 80 fold. This explosive growth demonstrates that Exclusive Resorts is the right idea at the right time for consumers, and I believe this product concept and business model is applicable to other consumer segments as well,” added Mr. Case.

Exclusive Resorts has created the leading luxury residence club by offering its members unprecedented access to the largest portfolio of multi-million dollar residences in the world’s most desirable destinations. The residences combine the spaciousness and elegance of a private home with the services, amenities and conveniences of a luxury resort. Exclusive Resorts currently owns more than 300 private residences in nearly 30 destinations, approximately 145 of which are currently available for use by its members, with the balance under design and construction for its members. The Company is continually acquiring and developing additional properties, thus providing consumers with a growing portfolio of residences in an increasing variety of destinations. A membership in Exclusive Resorts eliminates the hassles of vacation home ownership, the limitations of fractional real estate and the inconsistencies of villa rental.

Steve Case has assembled a world-class management team, recruiting from top companies in key related industries. Donn Davis, formerly a senior executive at Time Warner, America Online and Tribune Company, and a leader in successfully building innovative, new consumer businesses, is the Chief Executive Officer of the Company. Robert Parsons, formerly Chief Financial Officer of Host Marriott Corporation and a 23-year veteran of Marriott and Host Marriott, was appointed Exclusive Resorts’ Chief Financial Officer. Michael Beindorff, formerly Executive Vice President of Worldwide Marketing and Product at Visa, was appointed Exclusive Resorts’ Chief Operating Officer.

Brad Handler, Brent Handler and Tom Filippini, co-founders of Exclusive Resorts, continue to play a leadership role in the Company. Brad Handler serves as Vice Chairman, focusing on legal and regulatory matters. Brent Handler remains as President of the Company with responsibility for daily operations, and Tom Filippini continues as the Company’s EVP of Membership Sales. Completing the management team are hospitality, real estate and fractional services industry veterans. Todd Harris, a 14-year veteran of Ritz Carlton and most recently the General Manager of the acclaimed Ritz Carlton Bachelor’s Gulch, is SVP of Member Services. Cathy Ross, an 18-year veteran of hospitality and real estate, most recently with Destination Hotels & Resorts, is SVP of Real Estate Operations. Brian Greenman, previously the director of accounting and financial operations of Hyatt Corporation, is SVP of Finance. Rob Hersov, founder of Marquis Jets Europe and current Vice Chairman of NetJets Europe, leads the Company’s sales expansion in Europe as the Non-Executive Chairman of Exclusive Resorts Europe.

“I loved the idea the first time I heard it,” said Mr. Davis, who together with Steve Case invested in the Company and joined the Board a little over a year ago. “Exclusive Resorts provides a unique and compelling value for consumers - our members get exclusive access to hundreds of luxury vacation homes in dozens of the world’s best destinations, without the hassle and for a fraction of the cost of buying just one home. I am thrilled to be CEO of the Company as I believe Exclusive Resorts is positioned to revolutionize the luxury travel and vacation real estate industries for the benefit of consumers,” commented Mr. Davis.


Prior to joining Exclusive Resorts, Mr. Davis served as President of the AOL Interactive Properties Group, where he led the explosive growth of Internet category leaders, including Mapquest, Moviefone and AOL Instant Messenger. Previously, Mr. Davis was President of Tribune Ventures, where he successfully invested in companies that pioneered new industry segments, including Excite, Checkfree and iVillage. Mr. Davis partners with Mr. Case in investing in and building innovative consumer companies.

Over the past year, Exclusive Resorts has become the partner of choice in the luxury residence club segment, having established strategic alliances with many leading consumer companies. American Express selected Exclusive Resorts as the luxury residence club of choice for its Centurion cardholders. Christie’s Great Estates, the world’s oldest fine art auction house that has the largest network of luxury real estate brokers dedicated to the marketing and sale of important properties, refers clients to Exclusive Resorts and recommends Exclusive Resorts as a Participating Broker in their Preferred Developer program. Marquis Jet, which sells access to NetJets 25 hours at a time via the Marquis Jet Card and is the recognized category leader, entered into a marketing alliance with Exclusive Resorts that provides special benefits to the members of both programs. Neiman Marcus chose Exclusive Resorts for inclusion in its prestigious InCircle Rewards program and featured the product in its acclaimed Christmas Book. Virtuoso, the preeminent luxury travel specialist, is the exclusive travel provider for Exclusive Resorts’ members and recommends Exclusive Resorts as the exclusive luxury residence club for their clientele.

Exclusive Resorts has attracted a board of directors comprised of respected and successful business leaders. Joining Case, Davis and the Handlers on the board are: Todd Chaffee, Managing Director of Institutional Venture Partners and former Executive Vice President of VISA International; John Fahey, CEO of National Geographic and former Chairman and CEO of Time Life, Inc.; David Golden, Managing Director of JP Morgan, and a member of JP Morgan’s worldwide management committee; Thomas M. Gottlieb, former Chairman of Mandara Spa and 25 year veteran of the luxury hospitality industry; and John Pritzker, who served as a senior executive at Hyatt Hotels & Resorts and is currently Chairman of Red Sail Sports.



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