The Lusso Collection is increasing its member deposit from March 1st and also changing its membership rewards feature.
The initial membership deposit will increase from $395,000 to $425,000. Last year there was a trend amongst most of the destination clubs to raise both membership deposits and also annual dues, and it looks like this will be repeated this year.
Lusso is also changing the refundable portion of the membership deposit. Steve Greer, the founder and CEO of Lusso, described this change as follows:
Lusso is rather unusual amongst destination clubs in that it only offers one level of individual membership plan, and all members have unlimited use of the clubs homes subject to the clubs reservation policy.
Also on March 1, we will discontinue the Membership Reward feature. This feature was always intended to reward those Members joining the Club in its earliest phases of development notionally the first 150 members. These Members would receive not only a full refund of their deposit should they leave the Club but also 50 percent of the increase in the membership deposit during the period of their membership. As we are rapidly approaching that development milestone, from March 1 we will move to simply a 100 percent refundable deposit, still an exceptional offering in a landscape where 80 percent has become the norm.
Current Members will of course continue to enjoy the benefit of the Membership Reward, and those joining the Club prior to March 1 will enjoy both this benefit and the current pricing.