Luxury branded exchange programme is 'good news for developers and consumers', say experts
06 May 2007 - As timeshare is lauded by industry chiefs as the next big growth area in the region's burgeoning hospitality sector, Interval International, a leader in global vacation exchange and an operating business of IAC (Nasdaq: IACI), and Preferred Hotel Group, Inc. (PHG), a global corporation representing independently owned luxury hotels and resorts, has announced a strategic alliance.
The two will form a branded exchange programme, Preferred Residences for fractional, private residence club, and condo-hotel properties.
"This is exactly the right time to enter the market with a branded exchange network. The escalating prices of vacation homes in key destinations worldwide makes this product a compelling alternative to second home ownership," noted Craig M. Nash, chairman and chief executive officer of Interval International.
"The Middle East is a very important market to Preferred Hotel Group. We believe our reputation for quality and luxury combined with Interval's depth of experience will make Preferred Residences a highly attractive option to the region's savvy clientele," added John Ueberroth, chief executive officer of Preferred Hotel Group.
Turning to Dubai, the emirate is on the brink of announcing timeshare regulation, according to David Clifton, Interval's managing director for EMEA and Asia : "Interval remains committed to driving the growth of the region's vacation ownership sector, pending key Government approvals of 'timeshare' laws that will ensure industry regulation from the outset.
"We know that vacation ownership, or timeshare as it is also known, works - and we know how to ensure that it works well for all stakeholders.
"The coming together of Interval and Preferred Hotel Group opens more doors for our potential developers in Dubai plus gives Middle East travellers more quality options to choose from when making a vacation ownership purchase," he added.
Through the Interval and PHG strategic partnership , developers who affiliate with the programme will have the opportunity to promote their upscale projects under the newly created Preferred Residences brand, access to marketing resources available through PHG, and provide exclusive exchange and membership services for their vacation owners. The Preferred Residences network will begin affiliating charter members during the next several months with a programme launch slated for 2008.
Interval International recently promoted and participated in an exclusive interactive forum, the third Vacation Ownership Investment Conference (VOIC) in Dubai. VOIC is structured to share invaluable insight into the world of timeshare, vacation and fractional ownership with a case study-look at reasons for the industry's continued annual growth over two decades.
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ABOUT INTERVAL INTERNATIONAL
For more than 30 years Interval International has led the vacation ownership industry with its commitment to providing quality exchange services and other value added programmes to its vacation owning members and resort developers worldwide. Based in Miami, Florida, USA, Interval has a network of in excess of 2,200 resorts in over 75 countries and more than 1.8 million members through 28 offices in 19 countries.
Interval International is part of IAC, which operates leading and diversified businesses in sectors being transformed by the Internet, online and offline. Other IAC companies include Ask.com, Citysearch, Entertainment Publications, HSN, LendingTree, and Ticketmaster.
About Preferred Hotel Group
A leader in the hospitality industry for more than four decades, Preferred Hotel Group is a multi-brand corporation that delivers high-performance sales, marketing, and
technology solutions to independent luxury hotels around the world. Its four brands include Preferred Hotels & Resorts (www.preferredhotels.com), Preferred Boutique
(www.preferredboutique.com), Summit Hotels & Resorts (www.summithotels.com), and Sterling Hotels (www.sterlinghotels.com). Preferred Hotel Group operates 24 offices globally providing services to more than 350 independent hotels in over 50 countries.
Preferred Hotels & Resorts, Preferred Residences, and Preferred Standards of Excellence are owned by Preferred Hotel Group. The Preferred Hotel Group website is www.preferredhotelgroup.com
For more information visit www.vacationownershipinvestment.com
Middle East Media enquires
Euro RSCG Furness
susan.furness@eurorscgfurness.com,
tel +97150 6556126
International Media Enquires
Interval International
Adrian Bascombe
+44 (0) 20 8336 9573,
adrian.bascombe@intervalintl.com
© Press Release 2007
