at a price of US$1,000 per square foot or higher. Private residence clubs provide the services and amenities of five-star hotels, and some of the luxury hotel groups run their own clubs. Occasionally, membership in a private residence club grants to its member only the right to usage of the club properties and services, without ownership rights in the properties themselves. Note that a private residence club is different from a destination club, although the terms are sometimes used interchangeably. In addition to luxury private residence clubs, single "stand-alone" vacation homes and condos can be converted to fractional ownership. This fractional home conversion process can be accomplished by any knowledgeable seller or through a fractional consulting company. The benefit of fractional home conversion includes the ability of the homeowner to keep a portion of the ownership for themselves, pay off debt and reduce expenses. A key aspect for any fractional owner is to understand their usage rights and the reservation plans. These vary from property to property. Some offer fixed occupancy periods in which an owner uses the same time each year. Some offer "floating" periods, in which the occupancy times rotate throughout the year, and some offer a mixture of these, with some time fixed and some floating. Another variation in the business model is what are called "destination resorts". These are typically properties, whether hotel rooms, suites, or freestanding villas, located on property owned and managed by a hotel developer, and which provide amenities typically expected of a high-class hotel or resort. Some hotels are also developed as a condo hotel, in which individual rooms are sold off to individual owners. Other areas Fractional ownership is also beginning to appear for luxury items such as small yachts and megayachts, jet aircraft (especially business jets) and high-end motor homes. Fractional yacht / boat ownership provides marine enthusiasts with ownership of shares in yachts of all sizes and uses. Some programs sell actual equity in the watercraft and others sell "membership," where the members' dues provide access to the boats, but no ownership. Fractional yacht companies sell shares/membership in small motor boats, sailboats, mid-range yachts all the way to the megayachts for day-use, multi-year contracts, or charter-like arrangements. See also Destination club Timeshare Fractional financing Fractional renting Citations and references External links Business models Property law Ownership