Strengthened by the Sales & Marketing of Peter Kempf International, The Reefs Welcomes More Than 40 New Owners in June

Supporting the resurgence of the private residence club market, The Reefs Club is proud to announce the sale of more than 40 memberships of its luxurious fractional resort real estate product in just two weeks.  With these sales The Club welcomes 37 new members and 3 existing owners who have purchased an additional interest in The Club.

Spurred by the marketing and sales expertise of private residence club consulting team Peter Kempf International (“PKI”), the recent sales activity underscores the notion that consumers are once again turning to fractional vacation home ownership as a smart legacy investment at a fraction of the cost of traditional vacation home ownership.

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Created in 1934 in the Famed King Cole Bar at The St. Regis New York, the Legendary Hotel brand Marks 75 years of the Iconic Cocktail With Bloody Mary Inspired Menus, Spa Treatments, Special Offerings and More

St. Regis Hotels & Resorts today celebrates the 75th anniversary of the iconic Bloody Mary with a series of initiatives and special offerings available at St. Regis hotels and resorts around the world.

Starting today and through the end of this year, St. Regis will offer guests opportunities to experience its signature cocktail in new and creative ways including a special Bloody Mary menu created by Manhattan and Washington DC’s leading chefs and restaurants, Bloody Mary inspired spa treatments, a Bloody Mary epicurean menu, the St. Regis Bloody Mary World Collection, and more. Invented in the King Cole Bar at the St. Regis landmark hotel in New York, the “Red Snapper,” or Bloody Mary as it has come to be known, has been imitated and adapted endlessly by others throughout the years, but the original St. Regis recipe still stands as one of the most beloved cocktails ever created. To further underscore the celebration, New York City Mayor, Michael Bloomberg, has issued an official proclamation, naming today, October 5th Bloody Mary Day in New York and Starwood CEO, Frits van Paasschen, will ring the closing bell of the New York Stock Exchange to end the work day and kick off the anniversary in true St. Regis fashion.

The Bloody Mary has been a part of St. Regis history since 1934 when bartender Fernand Petiot introduced the “Red Snapper,” which would later be renamed the Bloody Mary, at the King Cole Bar in The St. Regis New York. The famed cocktail was created when Serge Obolensky, a well known man about town whose penchant for vodka was in keeping with his aristocratic Russian background, asked Petiot to make the vodka cocktail he had in Paris. The formula was spiced up with salt, pepper, lemon and Worcestershire Sauce, but since “Bloody Mary” was deemed too vulgar for the hotel’s elegant King Cole Bar, it was rechristened the “Red Snapper.” While the name may not have caught on, the spicy drink most certainly did, and over the years it has become the signature cocktail of the St. Regis brand.

St. Regis properties worldwide have created new and unique offerings to honor the Bloody Mary’s significant milestone including:

• The St. Regis New York and St. Regis Washington D.C. have partnered with a host of noteworthy chefs and restaurants including, Adour Charlie Palmer, WD-50, ‘21’ Club, Landmarc, The Palm, Dovetail, The Spotted Pig, Freemans, Spike Mendelsohn, Art Smith, Todd Gray of Equinox, Vermilion, Acadiana, Back Forty and Blue Smoke who will lend their own personal Bloody Mary recipes to be included on a special anniversary menu available through the month of October in the King Cole Bar at The St. Regis New York and The Bar at The St. Regis Washington D.C.

• Reaching beyond the traditional cocktail interpretation, the executive chef at The St. Regis Grand Hotel in Rome has created an innovative epicurean Bloody Mary menu featuring spicy tomato and vodka inspired fare such as ravioli filled with lemon and vodka infused ricotta cheese served over a tomato fondue.

• Guests at The St. Regis Bali are invited to experience an energizing Bloody Mary spa menu including a skin purifying Vodka Tomato Clay Wrap followed by an invigorating Tomato Vermouth and Mineral Salt bath

Honoring the regional influences of St. Regis destinations worldwide, the brand has created a special World Collection Bloody Mary menu that combines local flavors with Mr. Petiot’s original recipe. In addition to serving the traditional Bloody Mary cocktail, each of St. Regis’ 18 properties offer guests a unique version of the Bloody Mary using locally inspired ingredients such as:

• The St. Regis Beijing’s ‘Great Wall’ replaces vodka with Tsingtao beer and adds freshly squeezed lime juice to the traditional St. Regis Bloody Mary blend.

• The St. Regis Houston’s ‘Harry’s Texas’ combines fresh tomato and lemon juice with tequila and a mix of Texas inspired spices

• The St. Regis Mardavall Mallorca Resort’s ‘The Mardavall Pepper Snapper’ uses Fleur de Sel salt from Ses Salines, Gin, fresh tomato juice and a combination of Mediterranean spices

• The St. Regis Aspen’s ‘Sunset Snapper’ combines green, yellow and red tomato juice with vodka to emulate Colorado’s stunning sunsets

• The St. Regis Bora Bora’s ‘Bora Mary’ combines fresh watermelon or strawberry juice, vodka and lime with St. Regis’ traditional Bloody Mary mix to create a refreshing St. Regis inspired exotic cocktail

As part of the 75th anniversary celebration, The St. Regis Beijing has created a special World Tour menu offering guests samples of unique Bloody Marys from its sister properties in North America, Europe and Asia.

About St. Regis Hotels & Resorts
Combining classic sophistication and modern luxury, the St. Regis brand remains faithful to its commitment to excellence. Founded by John Jacob Astor IV, with the opening of the first St. Regis Hotel in New York City over a century ago, The St. Regis brand of hotels is known for its unique luxury, customized service and refined elegance in the best destinations worldwide. Plans for the brand to globally continue its legacy include long-awaited St. Regis properties in Bahia Beach, Puerto Rico, Bal Harbour, and Deer Crest in the US and on the exclusive island of Bermuda. In Latin America, St. Regis will unveil new hotels and resorts in Buenos Aires, and Kanai Riviera. In Asia, St. Regis has also announced plans to open properties in Bangkok, Chengdu, Kuala Lumpur, Lhasa, Nanjing, Osaka, Sanya Yalong Bay and Tianjin. In Africa and the Middle East, the St. Regis brand will continue to expand in Abu Dhabi, Cairo, Doha and Mauritius. The distinctive trait of the St. Regis experience is customized service and attention, coveted locations and luxurious design. For more information on St. Regis Hotels & Resorts, please visit www.stregis.com.

The acclaimed architect and OBMI’s Chairman, Tim M.E. Peck, will speak at the Vacation Ownership Investment Conference (VOIC) in Orlando, Florida. Peck forms part of the panel scheduled to speak at the Value Engineering Strategies in the New World session.

During the session Peck will discuss how OBMI designs innovative and cutting-edge resorts while maximizing cost effectiveness as well as talk about how the firm integrates the principle of sustainability in their developments around the world.

Tim M.E. Peck currently serves as OBMI’s chairman. Peck counts with 30 year of experience in the field and is an expert in resort design. Prior to this position, Peck was OBMI’s CEO for the Caribbean region, where he was responsible for the oversight of operations and business development as well as providing his expertise on site analysis for developments in the Caribbean region.  In parallel with his Caribbean role, he was responsible for managing OBMI’s expansion into Sub Saharan Africa. Throughout his career, Peck has had a passion for the profession of architecture and he has been fundamental in integrating OBMI’s core value of sustainability into the company’s design approach.

Doug Kulig, OBMI’s CEO will also be present at the conference.

Both architects will be available for interviews throughout the event. To schedule an interview, please contact Kristy M. Stewart at 917-499-6311 or email at kristy@andriamitsakospr.com.

Tuesday, September 15, 2009
Time: 2:40 – 3:40 p.m.

Vacation Ownership Investment Conference (VOIC)
Value Engineering Strategies in the New World Session
The Peabody Orlando
Orlando, Florida

ABOUT OBMI
For seven decades, OBMI has been the premier full-service design-consulting firm in Bermuda and the Caribbean.  Today, with its broad base of international offices, a diverse team of experts and projects throughout the world, OBMI is a global leader in architecture, master/town planning, interior design and project management with landmark projects in the Caribbean, the Americas, Europe and the Arabian Peninsula. For more information, visit www.obmi.com.

This month sees Perspective Magazine’s reach extend further again – shortly after taking the lead as the most read independent B2B publication for the timeshare and fractional industry, we now add even more conventions to review list and where our magazine is officially distributed – AMDETUR, Mexico, CARE, USA and The Fractional Summit, UK. As part of the latter, this month we feature a number of fractional ownership articles, including the poineers of the fractional industry, DCP International and one of their properties in Bermuda, a review of a recent industry convention in Miami and we have an exclusive interview with the new Managing Director of Group RCI UK and RCI Europe, Jonathan Back on his new role and plans for the future. Plus Front Cover Sponsors, Seasons Holidays announce their fractional ownership product, 8keys.

And now you can read Perspective Magazine using the latest Page Turn Technology for enhanced user experience! Just click on the magazine or links below to see just how different it is.

EDITION HIGHLIGHTS Front Cover Sponsorship: Seasons Holidays Perspective A-List: Jonathan Back, Managing Director Group RCI UK & RCI Europe Convention Review: AMDETUR Convention Review: Miami – Destination & Private Residence Club Industry Symposium Feature: Indirect Tax – A Changing Landscape? Event: The Group RCI Christel House Open – UK Tournanment Industry Resource: Perspective Buyers Guide Fractonal Industry Review: Residence Club Pioneer DCP International Revolutionizes Second Homeownership Feature: Bermuda Beckons Feature: The Time Is Right for Fractional Developments…If You Know What You’re Doing Feature: C.A.R.E – Co-operative Association of Resort Exchangers View Edition Online | Download To Hard Drive

Steve Dering, DCP Founder and Consultant to Developers Reflects on the Growing Industry

Multitudes of luxury second homes rarely used by their owners are a common staple of most resort destinations. Every year, these homeowners spend tens of thousands of dollars on taxes, maintenance and security on properties that sit vacant the majority of the time.

In the late 1980s a Park City, UT advertising executive and former marketing director of the town’s prestigious ski area Deer Valley Resort, sought to develop a more sensible form of vacation homeownership. Steve Dering, a Maryland native, moved to Park City in 1973 when it was a near dormant ski town – long before the Olympics and the Sundance Film Festival propelled it into an internationally known destination.

Dering noticed a plethora of luxurious vacation homes in Deer Valley being used an average of four weeks a year. Finding this an expensive ski vacation when he calculated the cost per day that owners use their homes – not to mention a wasteful practice – he reasoned that developers could sell properties as fractions, allowing buyers to pay considerably less while affording them the same amount of use they
would get from whole ownership homes. Moreover, Dering realized that these properties could offer hotel-style services and amenities since the costs would be spread over a significantly larger owner base, allowing for more enjoyable and carefree vacations.

“My goal was to develop a way for people to improve their vacation experiences by eliminating the
maintenance headaches that second home ownership typically entails,” Dering explains. “In a place like Deer Valley, you have to deal with snow removal, broken pipes, and cosmetic repairs following harsh winters, and summer landscaping. My vision was to have all of this taken care of for owners by property staff.”

After introducing the product to various ski areas, it occurred to me that luxury fractional ownership could be a successful endeavor in any type of resort destination where second home real estate is very expensive.

From these ideas, the Deer Valley Club was born in 1992, a decade following the ski area’s inaugural season. The Deer Valley Club would serve as a prototype for what would become known as private residence clubs, a luxury form of fractional ownership. As the first development of its kind, the Deer Valley Club offered on-site storage for its owners, allowing them to travel to their residences without the excessive baggage ski vacations require. Prior to owner arrival, club staff had ski gear placed in owner lockers and clothing laid out in the residence. Other convenient services included airport pick-up, pre-arrival grocery shopping, on-site concierge, and housekeeping.

One of the challenges this new vacation ownership concept faced was the comparison to timeshare when in fact it is completely different. Private residence clubs have only six to eight owners per residence, are more luxurious properties, and offer deeded real estate ownership that can be sold, willed or transferred like any other form of real estate. Timeshare is the purchase of a specific week of vacation time hence 50 owners per residence. Residence club owners enjoy greater flexibility in that they can reserve planned weeks
in advance and may also reserve on a short-notice or space-available basis. Club owners are not wedded to a specific residence, a factor that allows for even more flexibility – they may vacation in any residence within the category they purchased.

The Deer Valley Club proved to be a highly popular concept to those interested in owning ski property,
allowing buyers to have a ski home in a prime ski-in, ski-out location with firstclass services for a fraction of the cost of whole ownership. Originally the developers anticipated selling out the property for $13 million as condominiums; however, the residence club results far exceeded their expectations – the club sold out for a total of $22 million.

This real estate success story had developers in other ski areas eagerly knocking on Dering’s door. As a result, he founded DCP InternationalSM, a company that would expertly deliver the residence club concept to other popular resort destinations by consulting with developers on the sales, marketing and design of such properties. While Dering has kept his home in Park City, DCP set up its operational headquarters in Chicago and has project managers in various other locations throughout the country who work hand-in-hand with developers.

During the sales phase of the Deer Valley Club, there were some interesting observations. “Early on, the biggest surprise was that almost all our buyers could afford their own Deer Valle home,” says Dering. “But they did the same math I did and recognized that traditional second home ownership made little sense for them. They also found that residence club ownership would be considerably more convenient.”

Throughout much of the 1990s, DCP International helped developers launch private residence clubs in other western ski resort towns, including the Christie Club in Steamboat Springs, CO and Franz Klammer Lodge in Telluride, CO.

“After introducing the product to various ski areas, it occurred to me that luxury fractional ownership could be a successful endeavor in any type of resort destination where second home real estate is very expensive,” Dering recalls. “It seemed reasonable that people who are frequent visitors to specific beach destinations, golf destinations, and even urban areas would be likely enthusiasts of private
residence club ownership.”

Looking to expand the residence club concept to additional vacation destinations, DCP International introduced the first residence club in Bermuda with The Residence Club at Tucker’s Point and the first residence club in Mexico with Club Quinta Real in Huatulco. They are now consulting on a second property
in Huatulco, Encanto Villas & Residence Club, whose first phase is due to open in winter 2009. The company was also a pioneer in the urban market by creating The Phillips Club in Manhattan near Lincoln Center – the first private residence club in a major metropolitan area. The sold-out Phillips Club spawned
Phillips Club II, currently in sales. Whisking the concept across the Atlantic, DCP helped create Europe’s first urban residence club, Palazzo Tornabuoni in Florence, Italy – a property that is attracting both American and European buyers.

“The Europeans are really embracing the concept of fractional ownership, and now we have a London office to oversee our growing number of properties,” Dering comments. “Moreover, with the weakened dollar,
Europeans are finding tremendous value in purchasing residence club memberships off the continent. For example, we have a second project in Bermuda, The Reefs Club, which is being marketed to the United Kingdom. This is a great deal for the Brits given the Bermuda dollar is tied to the U.S. dollar, and there is nonstop flight service from London.”

The Reefs Club is a project tied to a luxury hotel. The Reefs is Bermuda’s most awardwinning hotel and boasts a remarkable number of repeat visitors year after year. For these enthusiasts of the hotel and Bermuda, The Reefs Club is a sensible purchase, especially in light of government restrictions on whole ownership properties being sold to foreigners. These restrictions have driven home prices well into the millions and have greatly limited the supply, making Bermuda an ideal location for fractional real estate, which can legally be sold to non-Bermudians. David Dodwell, developer of The Reefs Club who engaged DCP says, “Many East Coast cities offer two-hour, non-stop flights to Bermuda, making us a convenient second home destination. We are providing repeat visitors the opportunity to own a luxury residence on the same secluded pink-sand beach The Reefs is renowned for and to enjoy the same type of first-class service the hotel offers.”

Owners of The Reefs Club will have their own amenities such as an infinity-edge pool, rooftop putting green, and owners’ lounge. Two-bedroom residences start at $350,000 and three-bedrooms are priced at $410,000 for a one-tenth share – a significant value considering the whole ownership homes currently listed on the island start at $4.4 million and condos average $2.4 million. DCP has been enlisted by several developers in Florida, the latest of which is Magnolia Private Residence Club on coastal Highway 30-A between Destin and Panama City on the Panhandle. The club is offering threebedroom residences priced at just $159,000 for a one-eighth share.

“Many developers who initially created their projects to be whole ownership, have been adversely affected by the soft market, particularly in Florida,” Dering explains. “They are now looking for new and creative ways to sell. They are discovering that private residence clubs are a logical solution since they are a lifestyle purchase that come with a real estate deed as opposed to an appreciation driven real estate investment..”

Magnolia Private Residence Club is largely appealing to a regional market – those within driving distance from Atlanta, New Orleans, and other nearby cities. Dering believes close proximity will be a significant draw, and the company is expanding into more regional markets. “The ability to vacation at a club anytime there is availability is particularly attractive for people who frequent these destinations,” he notes.

DCP is also planning to expand more into Europe. Dering expects to add three to five more clubs there in the near future. Even during this time of economic uncertainty, DCP is consulting on a growing number of
projects. According to resort market research firm Ragatz Associates, the private residence club industry grew 12 percent in 2007 over the previous year. DCP reports to have more than $2 billion either sold, under contract, or in development.

After 18 years in the industry, Dering has observed that consumer awareness and acceptance are growing rapidly as more clubs enter the marketplace. He adds, “As is the case with developers, the current soft real
estate market has affluent buyers looking for a vacation home alternative that is lifestyle driven, not investment-driven. Our product delivers value in all market conditions because the carrying costs are much lower while the level of services and amenities is much higher than traditional real estate. Hence, the vacation value exceens the annual cost of ownership.”

As far as the future of the private residence club industry, Dering says, “All indicators point to continued growth. For me, the most important barometer is owner satisfaction, which continues to be high at
all our clubs.”

He adds that the two comments most heard from owners are “It just makes so much sense,” and “The only thing I have to worry about is when I’m coming back.” Dering’s opinion is supported by other industry experts.

“Residence clubs continue to be the fastest growing segment of the luxury vacation home sector,” notes Dr. Richard Ragatz, founder of Ragatz Associates, a leading real estate research firm. “This growth is attributable to greater consumer awareness and extremely high owner satisfaction. Increasingly, affluent
buyers are recognizing that residence clubs offer distinct advantages over whole ownership and timeshares.”

With such an enthusiastic response from owners and developers, DCP International is poised to remain an industry leader and continue to deliver successful residence clubs to worldwide destinations.

For more information on DCP International’s projects and developer services, visit
www.dcp-international.com.