Interval, Preferred ink fractional, condo deal
Interval International, a leader in global vacation exchange and an operating business of IAC, and Preferred Hotel Group, a global corporation representing independently owned luxury hotels and resorts, has announced a strategic alliance to form a branded exchange programme, Preferred Residences for fractional, private residence club, and condo-hotel properties.
Through relationships with the world’s foremost hospitality companies and premier resort developers, Interval 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 makes this product a compelling alternative to second home ownership,” noted Craig M Nash, chairman and CEO of Interval International. “We are very enthusiastic about joining forces with the Preferred Hotel Group, a company that shares our commitment to quality.”
At this time, Dubai is on the brink of announcing timeshare sector regulation. David Clifton, Interval’s managing director for EMEA and Asia said, “Interval remains committed to the growth of vacation ownership, pending key Government approvals of ‘timeshare’ laws to help regulate the industry.
“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 investors in Dubai plus gives travellers, from the middle east and else where more quality options to choose from.”
Through the Interval and PHG tie up, 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.