INTERVAL INTERNATIONAL AND SINGERMAN REAL ESTATE, LLC SUBSIDIARY ENTER INTO LONG-TERM AFFILIATION AGREEMENT
Miami, FL, November 21, 2017 – At Interval International, a leading global provider of vacation services and an operating business of ILG (Nasdaq: ILG), and West Bay Hospitality, a subsidiary of investment firm Singerman Real Estate, announced they have entered into a multiyear affiliation agreement for the Grand Caymanian Resort. The mixed-use property has an established vacation ownership program and is located in the Cayman Islands’ North Sound.
"We are truly excited to be investing in the Grand Caymanian Resort and thrilled to be a part of this community. We envision improving the owner experience by providing great service and making capital improvements to the asset," noted Seth Singerman, president and managing partner of Singerman Real Estate. "Our team is also very pleased to be working with Interval, whose executives have been invaluable in helping us to evaluate the industry and will be a key resource in the future."
"Opportunities in shared ownership continue to be compelling as resorts operating in the region enjoy high-occupancy levels and strong demand among prospective buyers and current owners," said David C. Gilbert, Interval’s president. "We welcome this well-established firm to the industry and look forward to supporting their business as they expand operations at the resort."
Just minutes from the world-famous Seven Mile Beach, the property’s one- and two-bedroom units feature fully equipped kitchens, dining and living areas, whirlpool tubs in each bathroom, TVs, and complimentary Wi-Fi access. Guests can enjoy numerous on-site amenities and services, including a restaurant and lounge, a swimming pool, tennis courts, beach volleyball, a variety of water sports, a dive shop, a private boat dock, and a full activities program. The resort is conveniently located across the North Sound from Stingray City and guests can also enjoy excursions to this famous attraction.
Visitors from around the world come to the Cayman Islands for its extensive beaches, turquoise waters, excellent dive sites, and myriad outdoor activities. Among other attractions are its international cuisine, museums, and music festivals. Those interested in the local wildlife can go bird watching in nature reserves, visit a turtle farm, tour botanic gardens or crystal caves.
New purchasers at Grand Caymanian Resort will be enrolled as individual members of Interval International and also become Interval Gold® members, entitling them to many flexible exchange opportunities and upgraded benefits and services. These include Interval Options®, the ability to exchange their resort week toward a cruise, hotel, tour, golf, or spa vacation, or a unique Interval Experiences adventure; ShortStay Exchange®; Golf Connection, for access to select private courses; VIP treatment with Dining Connection; City Guides, for insider advice; Hertz Gold Plus Rewards® membership; savings on Getaway vacation rentals; online hotel discounts; additional special offers at restaurants and retail locations worldwide; and VIP ConciergeSM, for personal assistance, 24/7.
West Bay Hospitality has retained New York-based Boutique Real Estate Advisors LLC to oversee the sales and marketing of Grand Caymanian Resort’s shared ownership component.
About Singerman Real Estate
Singerman Real Estate, LLC has a depth of experience executing complex transactions and unlocking embedded value through the ownership of properties, and real estate loans and operating companies. Singerman focuses on maximizing risk-adjusted returns through investments in both debt and equity across all major asset classes including office, retail, hotel, and multifamily, in addition to secondary real estate asset classes such as student and senior housing.
About Boutique Real Estate Advisors
Boutique Real Estate Advisors, LLC is an exclusive real estate advisor that works with owners and developers of distinctive, luxury properties to create full-service lifestyle real estate products that preserve the authenticity of each property while maximizing its value. The company assists in raising capital, creative design, development, marketing and sales, operations, highest and best use of real estate, public relations, and related development services for luxury lifestyle projects.
About Interval International
Interval International operates membership programs for vacationers and provides value-added services to its developer clients worldwide. Based in Miami, Florida, the company has been a pioneer and innovator in serving the vacation ownership market since 1976. Today, Interval's exchange network comprises more than 3,000 resorts in over 80 nations. Through offices in 15 countries, Interval offers high-quality products and benefits to resort clients and approximately 2 million families who are enrolled in various membership programs. Interval is an operating business of ILG (Nasdaq: ILG), a leading global provider of professionally delivered vacation experiences.
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Contact:
Beatrice de Peyrecave,
305.925.7032
Beatrice.dePeyrecave@intervalintl.com
