[Excerpt] It was the spring of 2019 and Beach Enclave (BE), a company that designed, built and operated luxury private villa resorts on Turks and Caicos Islands (TCI) in the Caribbean, had just celebrated its second anniversary. A relatively novel concept in the lodging industry, Beach Enclave’s villas offered guests the impeccable design, exceptional amenities and personalized experiences & services of a luxury resort in the privacy of a full home. Meanwhile, villa owners enjoyed an asset maintenance program for their property and the opportunity to opt in the branded rental program and resort services. “Beach Enclave is for travelers who seek the privacy of a beach villa, yet appreciate the bespoke services and amenities of a luxury boutique resort,” explained Vasco Borges, BE’s CEO (Exhibit 1). In just over two years, the company had more than doubled the number of its custom-designed luxury properties, selling them in record time to homeowners, outperformed TCI’s villa rental market, and earned Trip Advisor #1 Hotel among 43 in Turks and Caicos. Beach Enclave now managed 24 villas in three locations, each on a special beach (“Beach Enclave”) on the coveted Providenciales (“Provo”) Island, whose beaches ranked among the best in the world. Borges was already eying further expansion in the Caribbean: “In five years, we want to expand our Beach Enclave luxury private villa brand to other neighboring islands, and we want developers to approach us as a hospitality management company,” he envisioned. But first, Beach Enclave needed to develop a unique and well-defined flagship brand on TCI. Borges had just acquired land next to its Beach Enclave Long Bay (“BELB”) resort location and he and his team were considering three alternate operating models for its development. They were wondering which one could best help establish BE’s brand and serve as a model for Beach Enclave’s future expansion.