Fractional Ownership Group Launch Luxury Vacation Homes
Lifestyle Asset Group, a fractional ownership company dealing in luxury vacation properties, has launched.
Under the new scheme, 100 participants can collectively own 12 residences, each with an average value of $2.5 million.
With a one-time capital contribution of $300,000, each equity owner can enjoy seven years of residence access booked on a first-come, first-served basis. Members have the option to transfer their interests at any time without penalties or fees.
The Group purchases residences on behalf of the owners, then serves as the management company, facilitating travel and maintaining the properties.
The venture was established by Richard Keith, who also founded the Private Escapes destination club.
Mr Keith said: "Having been a member and CEO of vacation clubs, I was able to, with my colleagues, create a unique model that uses only the best attributes that will be easy-to-use and beneficial for each of our equity owners and their families and friends."
The scheme is based on a Collective Asset Ownership (CAO) model, which the Group says ensures it remains debt-free, and gives owners the opportunity to profit when residences are eventually sold on.
Mr Keith added: ""We are thrilled in bringing Lifestyle Asset Group to the market place and believe strongly that it will appeal to certain buyers who seek an array of travel destinations, demand a user-friendly reservation process and are satisfied with the mitigation of risk we offer.”
The Group is currently offering residences in regions across the East and Western U.S. with a mix of beach, leisure, metropolitan, and mountain locations.