clubs of this variety do not require a long-term commitment nor do members have to join a waiting list if they wish to revoke their membership. Inspirato with American Express (launched in January 2011) is currently the only example of this new, managed and controlled club model. Properties and destinations Destination clubs manage properties in destinations around the world. Clubs are subject to local rental home laws and ordinances regarding short-term home leases and nightly rentals. Mountain resort communities such as Vail, Aspen, Steamboat, Telluride and Sun Valley are hotbeds for club residences. Beach communities and island locations such as Rosemary Beach, Fort Lauderdale, Maui, Los Cabos, St Barts are also very common. As traveler demand has increased clubs have added cultural hubs such as New York City, Chicago, Paris and London to their portfolios. Additionally, as club members has requested a greater offering of unique lifestyle destinations and experiential travel clubs have added locations such as Tuscany, Bordeaux, Patagonia, the Galapagos and Wine Country. History Private Retreats launched the industry in 1998, with one club, Private Retreats, under the company name Preferred Retreats. The company was later renamed Tanner and Haley, with over 900 members in 2006. In 2002 Brent Handler and Brad Handler founded Exclusive Resorts. The Handler brothers sold majority ownership of Exclusive Resorts to Steve Case in 2003. Exclusive Resorts will commemorate its 10th Anniversary in 2013. To date, the Club offers more than 350 residences around the globe in addition to providing its 3500 members with access to trips and events across all seven continents. Steve Case remains Chairman and majority shareholder of Exclusive Resorts. He is the former CEO of AOL.com. Following the launch of Exclusive Resorts, from 2003 to 2006 entrepreneurs launched competitive clubs such as The Hideaways Club, Quintess, M Private Residences, Private Escapes, and Ultimate Resort. Specialty clubs joined the mix as well, for instance The Markers Club for golf and Emperum Club for both business and leisure travelers. Emperum Club has since restructured into a boutique travel company specializing in preferential rates on long stays. In 2009, a Fortune 200 company, Marriott International Inc. entered the market when they launched the Ritz-Carlton Destination Club. Despite generally strong membership sales across the industry in the summer of 2006, Tanner & Haley Resorts entered Chapter 11 bankruptcy proceedings. As a group, members of that club lost more than $200 million in the