INTERVAL INTERNATIONAL AND PREFERRED HOTEL GROUP LAUNCH LUXURY, BRANDED EXCHANGE PROGRAM
MIAMI, FL, March 26, 2007 – 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, today announced a strategic alliance to form a branded exchange program for fractional, private residence club, and condo-hotel properties. Developers who affiliate with the program will have the opportunity to promote their upscale projects under the newly created Preferred Residences™ brand, access to marketing resources available through PHG, and exclusive exchange and membership services for their vacation owners. The Preferred Residences network will begin affiliating charter members during the next several months with program launch slated for 2008.
Interval has serviced highly affluent travelers with its hallmark quality offerings and benefits for more than three decades. Through relationships with the world’s foremost hospitality companies and premier resort developers, the company has established itself as the leader in delivering leisure services to the owners of luxury shared real estate 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 make this product a compelling alternative to second home ownership,” noted Craig M. Nash, chairman and chief executive officer of Interval International. “We are very enthusiastic about joining forces with the Preferred Hotel Group, a company that shares our commitment to quality.”
“The Preferred brand has tremendous equity and we are looking forward to introducing its proven marketing power to this dynamic industry,” said John Ueberroth, chairman and chief executive officer of Preferred Hotel Group. “We believe the partnership with Interval International is a logical strategy for an extension of our brand.”
Founded in 1968, Preferred Hotels® & Resorts is a global brand of more than 140 exceptional hotels and resorts in the world’s most desirable locations. Showcasing a legendary commitment to unparalleled service, all Preferred Hotels & Resorts embrace the award-winning Preferred Standards of Excellence™, an extensive quality assurance program that has been honored with the "Best Practices Champion Award" by Cornell University.
This alliance between Interval and Preferred Hotel Group brings together two leaders in their respective industries with complementary expertise. Interval’s experience in vacation ownership and its client and member servicing infrastructure combined with PHG’s brand management and marketing acumen allows the companies to leverage their collective strengths and assets.
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 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.
