Profile: Interval Leisure Group Inc (IILG.O)
7 Mar 2014
Interval Leisure Group, Inc.(ILG), incorporated on May 9, 2008, is a global provider of membership and leisure services to the vacation industry. ILG consists of two operating segments: Membership and Exchange and Management and Rental . Membership and Exchange segment offers travel and leisure related products and services to owners of vacation interests and others primarily through various membership programs, as well as related services to resort developer clients. Management and Rental segment provides hotel, condominium resort, timeshare resort and homeowners association management, and rental services to both vacation property owners and vacationers. As of December 31, 2012, nearly 2,800 resorts located in over 75 countries participated in Interval's primary exchange network. As of December 31, 2012, the businesses that consists of Management and Rental segment provided management and rental services at over 200 vacation properties, resorts and club locations in North America as well as more limited management services to certain additional properties. On February 28, 2012, it acquired all of the equity of Vacation Resorts International (VRI). In December 2013, Interval Leisure Group Inc acquired Aqua Hospitality and Aqua Hotels and Resorts (Aqua) through an ILG subsidiary, Vacation Holdings Hawaii.
The Membership and Exchange operating segment consists of Interval International Inc.'s businesses, referred to as Interval, and the membership and exchange related line of business of Trading Places International, or TPI, and VRI. The Management and Rental operating segment consists of Aston Hotels & Resorts, LLC and Maui Condo and Home, LLC, referred to as Aston, and the management and rental related line of business of VRI and TPI.
Membership and Exchange
The membership and exchange segment offers travel and leisure related products and services to owners of vacation interests and others mostly through various membership programs. These programs provide participants with the right to exchange their occupancy rights in their vacation interest typically, for periods of one week for comparable, alternative accommodations at another resort or at the same resort during a different occupancy period.
The Interval Network is a membership-based exchange program, which provides a comprehensive package of value-added products and services. Members may also enroll directly, for instance, when they purchase a vacation interest through resale at a resort that participates in the Interval Network.
Trading Places International program provides exchange services to owners at timeshare properties managed by Trading Places International as well as other direct-to-consumer exchanges that do not require a membership. Also included within Trading Places International exchange is VRI ety, an exchange program for owners at participating resorts managed by Vacation Resorts International. Vacation owners may deposit and exchange through the Website or call center.
Preferred Residences Program is a hospitality-branded membership program for luxury shared ownership resorts and condo hotels offers owners an annually renewing membership throughout the period of each resort's participation in the Preferred Residences exchange network. Members have access to additional travel-related benefits including special rates at Preferred Hotel Group properties.
The Company provides members and participants of its exchange networks with two primary methods of exchange, Deposit First and for the Interval Network and Preferred Residences Program, Request First. With Deposit First, participants immediately transfer the use and occupancy of vacation interests at their home resort in return for the right to request an exchange. Under this method, members are not required to select a location or travel date at the time of deposit, but can request an exchange at any time during the period of the deposit's availability for exchange.
The Company offers additional vacation rental opportunities to members of the Interval Network, Preferred Residences Program and certain other membership programs at attractive rates through Getaways. Getaways allow members to rent resort accommodations for a fee, plus applicable taxes. Resort accommodations available as Getaways consist of seasonal oversupply of vacation ownership accommodations within the applicable exchange network, as well as resort accommodations it sources specifically for use in Getaways.
Interval Network members also may take advantage of Interval Gold, membership program that provides year-round access to value-added benefits and services for an additional annual fee. These benefits and services vary by country of residence, but generally consist of discounts on Getaways, a concierge service, a hotel discount program and Interval Options, a service that allows members to relinquish annual occupancy rights in their vacation interests towards the purchase of various travel products, including cruise, golf and spa vacations.
Interval Platinum program offers them high-value benefits and services in addition to those included in the Interval Gold membership, including additional discounts on Getaways, advance access to Getaways prior to other Interval members, free guest certificates, and exclusive travel offers. In addition, it operates a membership program, Leisure Time Passport, which provides participants with many of the benefits of the Interval Gold program, as well as the opportunity to experience vacationing in condominium-style accommodations. It also provides travel and leisure membership programs on a private-label basis.
Management and Rental
The Company provides management and rental services to hotels as well as condominium and timeshare resorts and their homeowners associations through Aston, Vacation Resorts International and Trading Places International. Aston is based in Hawaii and concentrates on condominium and hotel management primarily in Hawaii, as well as vacation property rental and related services, including common area and owner association management services for condominium projects.
The Company provides hotel and resort management services for owners of condominium hotels, timeshare resorts and traditional hotels. Condominium resorts and timeshare resorts generally offer the same type of services offered by hotels and resorts, plus certain comforts of home, such as kitchens or kitchenettes, separate seating or living room areas and in suite, private bedrooms, with actual services and features varying by property. With respect to timeshare resorts, it provides these services to resorts that are under the control of a homeowners association and not the developer.
The Company provides vacation property rental services for condominium owners, timeshare owners and homeowners associations. The condominium rental properties are generally investment properties, and, to a lesser extent, second homes, owned by individuals who contract with Aston directly to manage, market and rent their properties, generally pursuant to short-term agreements. The Company also offers owners a comprehensive package of marketing, management and rental services designed to enhance rental income and profitability. Trading Places International and Vacation Resorts International offers vacation rental services to individual timeshare owners and homeowners associations.
The Company secures guests for both managed hotels and vacation rentals primarily through long-standing relationships with travel partners, including wholesalers, retail travel agents and online travel intermediaries. It also conducts online marketing initiatives to reach consumers directly through its websites, www.astonhotels.com, www.resortquesthawaii.com, www.vriresorts.com, www.tradingplaces.com and www.mauicondo.com.
The Company competes with RCI, LLC.
Interval Leisure Group Inc
6262 Sunset Drive
MIAMI FL 33143