Destination club M Private Residences is lowering the prices for its shares, and has introduced several changes for both new and current members.

M Private owns 17 homes around the world with an average value of about Can$2m each. The 145 members of this equity destination club are also the shareholders of the company which both owns and manages the homes.

The club has beeen lowering its share prices for two to three years, largely reflecting the drop in the real estate market. At one stage, three years ago, the 60 nights a year "C" shares were C$485,000 and after this latest change are now down to C$295,000. These share prices are the amounts that members pay to join this equity destination club. Michele Beitel, VP Sales and Marketing at M Private, said the share price now reflects the net asset value in the club.

M Private has held its annual dues steady since November 2008. These dues fully cover the clubs ongoing maintenance and operating expenses. New members to M Private can currently enjoy an annual dues holiday for their first 6 months of membership - effectively giving them free travel for these 6 months.

The latest share classes and nights of travel are summarized below.

The club recently changed its reservation rules to effectively allow free travel within the 30 day space available window. So if a member reserves a homes less than 30 days before they travel, these nights do not count towards their annual included membership plan nights.

In a complete first for the destination club sector, M Private now allows members to sell their shares to anyone. For instance members could literally put an ad in the paper to sell their shares. Members of other destination clubs are required to have the club sell their membership or shares for them.

Members can also assign their membership to others for a period of time. For instance if a member knows they aren't going to travel for a year or two, they can assign their membership to a friend or relative for them to pay the dues and travel with the club. Other clubs do allow immediate family to travel without a primary member being present, but no-one else has offered this level of flexibility.

As new members join, M will purchase a new home with every 275 days of membership sold. Over 90% of the capital raised goes to new home purchases.

M Private Residences has seen the number of members and homes remain static for a couple of years, but these new changes certainly add a lot of appeal.