INTERVAL INTERNATIONAL AFFILIATES THE WESTIN® LOS CABOS OCEAN VILLAS
Miami, FL, April 3, 2007 — Interval International, a leading global vacation exchange company and operating business of IAC (Nasdaq: IACI), announced the affiliation of The Westin® Los Cabos Ocean Villas in Baja California, Mexico. It will be the third Starwood Vacation Ownership property in Latin America and the first vacation ownership resort in Los Cabos being developed by a major U.S. lodging company.
“Los Cabos continues to experience tremendous growth and has become one of the most exciting vacation destinations in the world today. Its unique setting and temperate climate are ideal for a host of recreational and leisure activities,” said Craig M. Nash, chairman and chief executive officer of Interval International. “The caliber of the vacation ownership product is exceptional and Starwood’s entry into the market adds to the high quality of the product offerings there.”
“We are excited to extend our presence in Mexico and build another Westin Vacation Ownership resort adjacent to the renowned Westin Resort & Spa in Los Cabos,” said Sergio Rivera, president of real estate development, Starwood Hotels & Resorts Worldwide, Inc. “As Starwood is one of the oldest and most prominent hotel companies in the country, Mexico is an important market for us. A vacation ownership resort is a natural complement to The Westin Resort and offers guests the benefit of owning a piece of one of the world’s premier destinations.”
The Westin® Los Cabos will feature 64 villas overlooking the Sea of Cortez. Owners and exchange guests will have access to the amenities at both properties, including multiple restaurants, pools, full-service spa, tennis courts, golf, and The Westin WORKOUT® Powered by Reebok® fitness facility. Construction will begin in the second quarter of 2007.
Los Cabos’ location at the southernmost tip of Baja California Sur provides visitors with the opportunity to experience its distinctive landscape. The 20-mile tourist corridor between Cabo San Lucas and San Jose del Cabo offers spectacular vistas of golden sand beaches, coves, and the cobalt waters of the Sea of Cortez. It is recognized worldwide as a destination for marlin sports fishing and ideal for such water sports as diving and snorkeling. Another natural attraction is the annual whale migration from December to March when thousands of whales and their new born calves can be viewed and photographed from shore. Los Cabos is also home to numerous annual golf championships that draw top professional figures.
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 programs to its vacation-owning members and resort developers worldwide. Based in Miami, Florida, Interval has a network of more than 2,200 resorts in 79 countries and serves its clients and nearly 1.9 million members through 28 offices in 19 countries. Interval 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 Starwood Hotels & Resorts
Starwood Hotels & Resorts Worldwide, Inc.® is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien® and the recently announced AloftSM and ElementSM Hotels. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)
