Clubhouse: Euro Star

A new European destination club aims to outshine its competition.

text by: Jessica Daynor 

October 1, 2008

Imagine returning from a European vacation with wines from Bordeaux, couture from Milan, flamenco steps from Ibiza—and an increase in your net worth. Such is the idea behind Botiga, a new destination club based in Europe but centered on worldwide travel.

"American clubs are primarily right-of-use; you buy a membership and receive a percentage of that back if you leave the club," says Kit Harrison, Botiga’s CEO. "But, since you never own the real estate, you’re not benefiting from the capital growth in the asset base." Botiga, as with some other European models, is based around ownership; members buy shares in the property investment fund that owns the properties, and, as the value of those properties and shares goes up, members get a percentage of the increase along with their initial investment, should they choose to leave.

Harrison says his club’s service-centric philosophy sets it apart from other European outfits. For instance, Botiga’s founders—Soren Jessen, financier and founder of London’s 1 Lombard Street restaurant; James Lees, founder and former CEO of San Roque Club and La Quinta at La Manga Club; and Peter Scott and Harrison, the men behind luxury ski chalet operator Descent International—are familiar with the hospitality industry. The quartet amassed their experiences and personal travel tastes to develop Botiga’s member-focused model.

"Botiga is the only club in Europe, and one of the only clubs in the world, that offers a full-service proposition," says Harrison. "It’s not just having your fridge filled with your favorite foods and being able to get a concierge on the phone. Most clubs just bring in an outside staff to do that at an extra cost. Each of our properties has an in-house staff who is our staff." Beyond that, each member receives a personal assistant, who will handle every detail of the guest’s travel preferences (down to which side of the bed is preferred) and plan vacations accordingly.

The club plans to operate a collection of residences that stretches around the world, from Rio de Janeiro to Tuscany, Oman to Provence. Botiga will comprise three property types: Retreats (stand-alone chalets and villas), City Retreats (townhouses and apartments), and lodges (boutique hotels for member-use only). The residences, which, according to Botiga, will have an average value of $6.3 million, will offer fine linens and china, and amenities such as saunas and home theaters.

Botiga’s first property is a seven-bedroom riad set amid five acres of olive groves in Morocco’s Ourika Valley, just minutes from Marrakech. There, members will enjoy a library, a tennis court, a pool pavilion, a water garden, and views of the Atlas Mountains. Next, the company plans to launch a Kenyan safari camp on 200,000 acres of private bush, as well as a sister beachfront retreat near the town of Lamu. Properties in worldly havens such as Mozambique, Cape Town, the Seychelles, Cuba, and the Amalfi Coast are currently under negotiation. The company expects to offer seven properties by winter 2009 and hopes to add 15 to 18 new properties each year, with a goal of 60 by 2012.

Founding shares are priced between $284,800 and $856,000. Once the club has its first 30 founding members, prices will increase to about $325,000 to $970,000. (Annual dues range between $27,200 and $55,000, and the first two years are free for founders.) Members receive between 500 and 1,000 points per year, which are redeemable for two to six weeks of use, depending on season and destination. Members also can use the homes on a space-available basis, and they can share full membership privileges with a registered friend or family member. The club will not place a cap on membership; instead, the property portfolio will simply expand to keep up with member demand and operate at a ratio of six-and-a-half members per home. To whet members’ appetites before the club’s official launch in spring, Botiga will offer its foundering members one complimentary week’s stay at any of Descent International’s 26 chalets located throughout the Alps.

Botiga, +44.20.3326.4000, www.botiga.co.uk