There must always be sufficient Club Property to support the number of Memberships on issue. When a resort is acquired by the Club, Première Points can be created in accordance with the Première Points grading factors as set out in the Club’s Constitution. The grading factors include total rooms of the resort, room configurations, location of the resort, and the condition of resort.
This is to safeguard your Membership by ensuring that for the life of the Club there will always be a sufficient stock of Club Apartments in existence to cover Members’ entitlements to access and use those properties.
Every Membership that is sold in the Club is comprised of Première Points issued from resorts acquired by the Club and once all such Première Points are sold property is acquired or allocated to become Club Property to create further points to sell. If there are no points to sell, then in accordance with the Club’s Constitution, the sale of Memberships must cease until new Club Property is acquired.
The Total Première Points will only change if Club Property is bought or sold (or if it is leased or licensed, a new lease or licence is granted or an existing one expires). Acquiring Club Property means an increase in the Total Première Points, and divesting Club Property means a decrease in the Total Première Points.