The Calgary headquartered equity destination Club, Destination-M, is excited to announce that it has recently closed on an offering to new shareholders, and as a result has added a new property at Central Park West in New York.
Destination M invites potential new members to join its waitlist before they become full shareholders. While on the waitlist they can do some traveling to the club homes which enables them to try out the club before they fully join.
When the club has identified a new home that it is ready to buy, the waitlisted members can fully join the club and their membership investments are used to buy the home. This structure is also designed to keep a good balance of availability, allowing members to access the homes they want to visit.
While the waitlist provides the path to join Destination-M, there are multiple ways to leave if life circumstances change and members decide to reduce their travels. Every ten years, members can sell their shares back to the Club under a defined exit plan. Members can also sell their shares every 5 years in a private auction, or at any time on a private basis. It’s always comforting to know that there are all these flexible liquidity options, which reinforce the member run, not-for-profit structure of the Club.
New York Home
Most recently, the Club bought a home in New York City. It’s a 2-bedroom, 2.5 bath condo on Columbus Circle, centrally located right next to Central Park and provides access to everything New York has to offer. Lincoln Center performances and the American Museum of Natural History are just a few of the draws. Destination-M told us that their members are already enjoying the use of this home. “We did a share offering to the waitlist and there was a full uptake,” said Brian Anderson, the Chairman and CEO of Destination-M “The next offering will tie in with the next purchase”, he added.
The prior home addition the club made was a residence in southern Greece on the Mediterranean Sea, which members have been making full use of this past summer.
For future home acquisitions the Club has a real estate committee - made up of members and staff – who are always looking at home opportunities and have “a robust list of markets” according to Brian.
Overall, the Club now owns 20 homes and provides access to 14 more through partnerships and reciprocal arrangements. The homes are located throughout the USA, Canada, Mexico, Europe, the Caribbean and Central America, providing a wide selection of homes for members to choose from.