Word: tanners
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...sizable deposit and pay an annual fee for access to luxury resort homes around the world, aren't the bargains they once were. Many are raising fees and dues, and some are shedding properties and initiating stricter reservation systems. And in the wake of a July bankruptcy filing by Tanner & Haley, the industry pioneer, the possibility of losing your privileges and your entire deposit has come front and center...
Meanwhile, the industry is consolidating at a furious pace. Ultimately, there will be just one or two clubs in each of three or four price points, says Addoms. A couple of clubs are vying for Tanner & Haley's assets. A few weeks ago, high-end clubs Solstice and Parallel agreed to merge. Just about everything from growth plans to fee structures is in flux, and the industry remains lightly regulated...
...Tanner & Haley was the industry's first meltdown. Its 874 members, who had paid from $85,000 (in the early days) to $1.3 million (in more recent years) to join, could lose most of their deposit. The firm owned only 67 of the 200 properties it managed (the rest were leased) and did not have sufficient assets to cover the expense of refunding membership fees...
...been calling for regulation for three years," says Howard Nussbaum, president of the American Resort Development Association, a trade group. He believes basic consumer protections that would have prevented the kind of losses experienced by Tanner & Haley members will be in place in some states by spring. But even then, prospective members will need to ask tough questions...
...tone of an Altman film - the desperate milling, the sense of isolation within a community, the urgency to no clear end - is a reflection of life on any movie set. Or in any political campaign (Tanner '88, the TV series he concocted with Garry Trudeau, plays now like a prophetic parody of media manipulation by such masters as James Carville and Karl Rove). Or any reception (A Wedding), convention (H.E.A.L.T.H.), concert (Nashville), casino spree (California Split), couture opening (Ready to Wear), country weekend (Gosford Park) or old-time radio show (A Prairie Home Companion). Any social gathering, in fact, where...