Club Holdings, parent company of Quintess and the PGA Tour Club, has recently acquired Time & Place, a villa rental agency. SherpaReport had the opportunity to speak to Ben Addoms, Chief Marketing Officer of Quintess, to learn more about how Time & Place fits in with the Quintess business.
According to Ben, the acquisition reflects Club Holdings' belief that the luxury villa rental market is growing, and that Time & Place can develop as a profitable standalone business. At the time of acquisition, Time & Place had 66 properties, and the goal is grow that by at least 300% in the coming years, by broad acquisitions, takeovers, and one on one acquisitions.
Differences With Current Quintess Business Model
Time & Place will continue to run separately from Quintess, as the business models are very different. There's no plan for Time & Place to add in all of the Quintess experiences – the villa rental experience at Time & Place will continue to differ from the destination club experience. Time & Place will not offer a club model to rental customers.
Quintess is currently targeted to the top 0.5% of high-net-worth clients who travel frequently, while Time & Place has a broader reach – the top 5% of active travelers.
The time horizon for renting properties is very different for the luxury villa rental market (about 60-90 days, except for major holidays which require more advance planning) in comparison to the destination club market (about five months in advance).
How Time & Place Will Fit In With Quintess
Club Holdings will bring some of the most successful elements of Quintess to Time & Place, including some of the basic service elements. Additionally, the Time & Place portfolio offers Club Holdings the opportunity to identify homes to add to the Quintess portfolio, and conversely, rent Quintess properties out through Time & Place during the slower shoulder season. The acquisition also offers Club Holdings a wider range of price points to offer guests, broadening their market. A potential side benefit is the opportunity to identify potential candidates for a membership in Quintess, although this was not the primary intention of the acquisition.
We look forward to watching how Club Holdings continues to grow as a result of this acquisition.