Inspirato, a high-end vacation rental club, today announced a $20 million fundraising round led by new investor W Capital Partners and with participation from existing investors Institutional Venture Partners and Millennium Technology Value Partners.

This brings the club’s total funding to $70 million.

The financing will be used to boost the company’s growth, expand its portfolio of high-end homes, and invest in platform technology, according to the statement.

Inspirato, which has an initiation fee of $17,500 to join and annual dues of $3,000, leases 240 villas and other upscale properties across the U.S., Mexico, Europe and the Caribbean for the exclusive use of its members who value its planning services and accommodations — and don’t mind dropping $10,000 or more for a one-week escape.

The company claims its membership has nearly doubled to 8,000 members in the last 14 months.

American Express took an equity stake in the company in 2013. Later that year, Inspirato acquired competitor Portico in a deal official termed a “combination.”

Inspirato is one of several services that offer high-paying customers the opportunity to enjoy the benefits of a vacation rental with the amenities of a hotel.

“Inspirato’s rapid growth is a clear reflection that luxury travelers value the many benefits of vacationing in homes over hotels, but still want exceptional quality on every trip,” said Stephen Wertheimer, managing director at W Capital Partners.

Photo Credit: Inspirato's oceanfront "Villa Buenaventura" residence in Los Cabos, Mexico boasts five bedrooms, a private beach, a private pool and multiple hot tubs. Inspirato