The Equity Residence ClubSM concept (luxury fractional ownership) was born at prestigious Deer Valley Resort in Park City, Utah in 1991. As a member of Deer Valley’s first executive team, DCP Founder Steve Dering discovered that most owners of the resort’s luxury residences occupied them only three to six weeks a year. In addition, the more expensive the home, the less likely it would be made available as a rental property. Therefore, the cost of ownership when compared to the amount of personal use was extraordinarily high. Dering believed the time had come for a new, upscale, shared ownership concept.
The Deer Valley Club was the first resort development to combine the advantages of shared ownership with the services and amenities of a fine hotel while affording “typical” vacation homeowner use. This new form of real estate filled a niche among high-income skiers who appreciated the opportunity to purchase only what they needed for personal use without sacrificing location, quality or service. The Deer Valley Club has served as the model for most of the luxury residence clubs developed around the world.
In addition to creating the first-ever residence club at Deer Valley, DCP worked with prominent New York developer Millennium Partners to introduce The Phillips Club, the world’s first urban residence club. DCP also created the first residence clubs in Mexico, Bermuda and Argentina and Europe’s first urban residence club in Florence, Italy – Palazzo Tornabuoni.
Residence Clubs became the fastest growing segment of the resort real estate market. DCP pioneered the residence club concept and is the most experience and successful company in the industry. Its clubs have generated more than $1 billion in sales.