High Country Club LLC Files for Liquidation

by C&RB Staff (editor@clubandresortbusiness.com)
January 2009
 

High Country Club LLC, a destination travel club based in Denver, Colo., has filed for Chapter 7 liquidation bankruptcy.
 
The company listed hundreds of creditors, and debt totaling about $25 million, in documents filed Tuesday in U.S. Bankruptcy Court in Denver. The company’s assets, mostly in real estate, total nearly $20 million, says an article in the Denver Business Journal.
 
Destination clubs typically allow their members to vacation in high-end homes. High Country’s assets include real estate in Hilton Head, S.C.; Steamboat Springs, Telluride and Snowmass in Colorado; New York City; Stowe, Vt.; and Kihei, Hawaii, according to documents filed with the court.
 
In October 2008, High Country restructured its business model to rely on annual membership dues instead of new destination club sales, according to reports in trade publications. Slumping real estate values and weak consumer confidence were cited as a major problem for the company, cutting into its ability to sell new memberships.