Private residence clubs are the luxury, high end of the fractional property market. The research firm Ragatz Associates defines a private residence club as a fractional property that sells 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.