INTERVAL INTERNATIONAL AND ESCAPES!
SIGN MASTER AFFILIATION AGREEMENT
Escapes! to the Gulf at Galveston Opens Next Year
Miami, FL, August 18, 2004 – Interval International and Escapes!, Inc. today announced that they have entered into a long-term master affiliation agreement, which comprises six existing Escapes! resorts, as well as all future timeshare properties they develop. Additionally, Interval’s related company – Interval Resort and Financial Services – assisted in the design of the new points-based Escapes! Vacation Club.
“We’re delighted to expand our relationship with Escapes! at this exciting time in the company’s history,” said Craig M. Nash, chairman and chief executive officer of Interval International. “As one of the most respected independent timeshare resort companies in our business, we look forward to continuing to provide their owners the high-quality service and products they have come to expect.”
“Interval has proven to be an invaluable resource in assisting us to identify development opportunities, as well as in the creation of Escapes! Travel Choices, our new points-based vacation club,” said Escapes! President and Chief Executive Officer T.L. Spencer. “We regard the company as a true partner in our efforts to grow our very successful timeshare business.”
Escapes!, Inc. began construction recently on its newest Interval-affiliated resort, Escapes! to the Gulf at Galveston, which is scheduled to open in 2005. Located on the Texas Gulf Coast, the beach-front resort will have 75 purpose-built one- and two-bedroom units, featuring comfortable living and dining areas, fully equipped kitchens, and the latest electronic equipment. Nearby, guests can enjoy the just completed 3,314 square-foot beach pavilion and an educational wetlands preserve, both of which were developed in a unique partnership effort with Galveston County.
County Judge Jim Yarbrough said, “This partnership is a great win-win for the county and Escapes! We helped facilitate bringing one of the country’s most respected residential and resort developers to Galveston, and that will in turn bring thousands of tourists to the area and enhance the public park on Galveston Island’s West End at no expense to county taxpayers.”
To date, Escapes! has developed or acquired and rebuilt resorts in Arkansas, Missouri, Texas, Alabama and Florida and plans to open several additional resorts in the coming years. Its timeshare resorts currently participating in the Interval exchange program include: Escapes! to Bella Vista Village, Escapes! to Hot Springs Village, and Escapes! to Cherokee Village in Arkansas, and Escapes! to the Gulf at Orange Beach, Alabama. Escapes! to the Gulf at Panama City Beach (Florida) will be available for exchange later this year.
Purchasers at Escapes! to the Gulf at Galveston become members of Interval Gold – the industry’s first and foremost value-added, membership upgrade program. This entitles them to enjoy an extensive array of discounts and services, including worldwide hotel and dining discounts, provided by best-in-class hospitality and travel industry vendors. Interval Gold members have the opportunity to exchange their accommodations for those at other resorts in Interval’s worldwide network, as well as the ability to relinquish their resort weeks toward the purchase of cruise, golf and spa vacations. Members also receive quarterly travel magazines and newsletters, printed and electronic international resort directories, and a host of other privileges.
About Interval International
Since 1976, Interval International has led the vacation ownership industry with its hallmarks of quality and innovation. Interval has a global network of more than 2,000 resorts in 75 countries, and serves its developer clients and over 1.6 million members – worldwide timeshare vacation owners – through 26 offices in 17 countries. Interval provides a variety of exchange services and year-round travel related benefits to enhance member vacation experiences. Headquartered in Miami, Florida, Interval International is an operating business of IAC, which also includes such well-known brands as Expedia, Inc., Hotels.com, and Ticketmaster.
About Escapes!
Headquartered in Rogers, Arkansas, Escapes! is one of the leading and oldest independent timeshare resort development and management companies. Its resorts offer unique mountain, boating and beach vacation opportunities in the central region of the U.S. to more than 14,000 vacation owners. Escapes! is subsidiary of Cooper Communities. Now in its 50th year, the company is renowned as one of the nation’s largest and most innovative builders of homes and golf courses. More than 100,000 families own property in one of the six Cooper communities.
