Portico hires CEO and adds new destinations
Justin Halloran takes over as CEO – he was formerly vice president for Global Initiatives at vacation home giant HomeAway, where he launched HomeAway's flagship global template website across 12 countries. He also served as senior vice president for corporate development at WhaleShark Media, and spent six years at eBay.
Portico has also introduced a website with direct booking capability, and added properties in 10 destinations, including Provence, Paris, Newport Beach, New York, Croatia and Chicago. Forthcoming destinations include Viceroy Anguilla, Turks & Caicos and the Riviera Maya.
Portico says it has welcomed more than 1,600 members in its pre-launch period, assembling a collection of more than 150 luxury vacation homes and entered into a $16.5 million equity financing to accelerate its rapid expansion.
"Since beginning our pre-launch phase just 90 days ago, we have established an entirely new way for consumers to enjoy luxury vacations, emphasizing variety, highly personalized service, and great value," said Portico chairman Philippe Bourguignon. "With Justin Halloran's appointment as CEO, plus our new website and funding, we have now taken steps to scale our business even more quickly. In particular, Justin's deep experience in the vacation space and expertise in driving bookings make him uniquely qualified to lead Portico to the next level."
Portico is currently offering a limited number of Discovery memberships for a one-time initiation fee of US$7,500, plus an annual membership fee of $2,500, which provides access to the club's entire portfolio of luxury homes at members-only nightly rates. Portico members have the flexibility to travel as much or as little as they like, including prime holiday weeks, paying only for the nights they use. At the end of each membership year, they can renew by paying the annual membership fee, or walk away with no ongoing commitment.